LOL Taxaments (This is terrible...)

[riverruss]

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what is tax?

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LOL at your crappy government making u pay tax on gambling.

[Biggle10]

Government problem: Gambling is bad.
Solution: Take the money from those winning.

[PiquetteAces]

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there are tax forms available chops to formalize the transaction and make it legal for tax reasons

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Harrahs refused to cooperate this year with these, nor did Mandalay Bay.

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In that case, you need to get a signed, written contract, which is what I (we all) did this year. If it's just a 5% action swap or whatever, you can do it informally for small sums/hold large ones until you get the other guy to put his signature on a one paragraph acknowledgment. You should have been doing this all along, anyway, but this will protect you in case of audit.

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So if the person who got action on ur tourney is not there at the moment U cash in the tourney, or if U cash ina tourney in Atlantic City & the person who got action on U lives in hawaï, Ur screwed unless he cross half the planet to fill up casino'tax'paper ?

- jpp

[adanthar]

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So if the person who got action on ur tourney is not there at the moment U cash in the tourney, or if U cash ina tourney in Atlantic City & the person who got action on U lives in hawaï, Ur screwed unless he cross half the planet to fill up casino'tax'paper ?

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Did you read what I wrote?

[Stake Monster]

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wow, I'm glad to be Canadian.

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[PiquetteAces]

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So if the person who got action on ur tourney is not there at the moment U cash in the tourney, or if U cash ina tourney in Atlantic City & the person who got action on U lives in hawaï, Ur screwed unless he cross half the planet to fill up casino'tax'paper ?

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Did you read what I wrote?

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yes, you have said: In that case, you need to get a signed, written contract

yes ok. I guess many peoples who play poker'tournamnent don't know that.

- jpp

[stinkypete]

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well, as long as that withholding means that it goes towards credits later (ie, you pay only 10% more for filing if you owed 35% total for tax) then it doesn't really change much

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i don't think thats how it works.

say you have $100k in buyins and $120k in cashes. you pay 25% of $120k. you now only have $90k left.

seems to me it'll mean overpaying by a large margin and then getting it back later.

[BuddyQ]

Taxes issues aside (amount, fairness, collection) its hard to argue with the tax court's finding that:

"tournament poker is not a skillful competition and should be considered a gambling activity"

Lol donkaments

[flavio321]

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1)
3) Those of you who insist that you will not pay taxes should stop driving on the streets that the rest of us pay for, and certainly don't call the fire department when your house is burning. You can put that baby out by yourself with all the money you have saved.

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state sales tax, property tax, school tax, liquor tax, cigarette tax, gasoline tax...etc pays for all of the thing you've mentioned. our federal income tax is enough to pay off the interest on the national deficit only.

[NickMPK]

This is going to make chopping tournament prizes in Atlantic City (and any other jurisdiction where the casinos don't recognize chops) much more difficult.