Two Plus Two Newer Archives  

Go Back   Two Plus Two Newer Archives > PL/NL Texas Hold'em > High Stakes

Reply
 
Thread Tools Display Modes
  #31  
Old 01-04-2007, 12:42 AM
_dave_ _dave_ is offline
Senior Member
 
Join Date: Feb 2005
Location: UK
Posts: 2,628
Default Re: Bankroll Definition and Recommendation for No-Limit Hold \'em

This begs a question from my gambling-tax free UK mind:

[ QUOTE ]
hypothetical situation:

you work at a 9-5 job for a couple weeks, and you get a paycheck. You do not take the paycheck to the bank and get it cashed, ... eventually it is lost / stolen

[/ QUOTE ]

Does a US citizen still owe taxes on this unrealised gain?
Reply With Quote
  #32  
Old 01-04-2007, 01:27 AM
Enon Enon is offline
Senior Member
 
Join Date: Jan 2004
Posts: 1,056
Default Re: Bankroll Definition and Recommendation for No-Limit Hold \'em

[ QUOTE ]
Logically it makes no sense to me: If you have money you've won in an offshore account, playing with an offshore casino and that money never comes to the US but remains in play offshore, at what point are you required to pay US taxes? What happens if, right after you pay taxes, you donkey off all your money? I doubt you'd be getting a refund.

[/ QUOTE ]

i've done you a favor and highlighted the only correct thought you had.

treat poker like a business, because if you're filing your tax returns in the US, that's what it is for intents and purposes. when you make a bet and win (revenue), you owe taxes on it. period. doesn't matter where the bet was made, how it was made etc.

your business is making bets and your wins are your revenues. somehow there are loss deductions that come into play and what not but in general, your revenues are related directly to your tax burden.

in short: you pay on what you WON, not what you have taken offline.

Barron (from enon's acct)
Reply With Quote
  #33  
Old 01-04-2007, 09:31 AM
JustPlayingSmart JustPlayingSmart is offline
Senior Member
 
Join Date: Jul 2003
Posts: 740
Default Re: Bankroll Definition and Recommendation for No-Limit Hold \'em

[ QUOTE ]
This begs a question from my gambling-tax free UK mind:

[ QUOTE ]
hypothetical situation:

you work at a 9-5 job for a couple weeks, and you get a paycheck. You do not take the paycheck to the bank and get it cashed, ... eventually it is lost / stolen

[/ QUOTE ]

Does a US citizen still owe taxes on this unrealised gain?

[/ QUOTE ]

Tax is owed on income when it is earned. Everything boils back to this. There are exceptions carved out for things that appreciate/depreciate in value like stocks/art/etc. These are specific carveouts though. When you receive a check from your employer, whether it's cashed or not, that income is earned, so you owe taxes on it. If you find $20 on the ground, that is technically income, and should be reported. No one does this, but that doesn't mean it's okay/right/whatever.

In general, people don't want to pay taxes, so they'll try to rationalize why they don't owe it on this form of income, etc. The only question is "to whom are they trying to rationalize this behavior"
Reply With Quote
  #34  
Old 01-04-2007, 03:11 PM
RikaKazak RikaKazak is offline
Senior Member
 
Join Date: Jul 2005
Location: Absolute Poker:hacker\'s paradise
Posts: 5,535
Default Re: Bankroll Definition and Recommendation for No-Limit Hold \'em

Bankroll: money I have online to play poker with

Risk of ruin: practically 0, because even if I go busto, I'm positive I could get staked.

Investment money/properties: isn't "technically" part of my poker bankroll because since I don't have a day job, it is my security net in case the woman leaves me with her nice job, and for example say online poker magically ended (ip ban across the board lets say).
Reply With Quote
  #35  
Old 01-06-2007, 12:21 AM
Fishfood4you Fishfood4you is offline
Junior Member
 
Join Date: Jun 2006
Posts: 25
Default Re: Bankroll Definition and Recommendation for No-Limit Hold \'em

hey guys new to the forum but have a quick response to the "if its still in my poker account i dont have to declare/pay tax on that money"...Well when you file your taxes theres a specific question that ask's " do you have over 10k in any other financial institution outside the usa" ...I have spoken to several cpa's whether a poker site is considered a bank/financial institution and 2 cpas have said YES and 3 have said NO. So the "PROS" dont really know what the answer is but im sure if you ask the IRS you all know what the answer will be.....Either way it really sucks trying to do the right thing but getting screwed by the man because we have no "right way" to do anything involving internet poker....
Reply With Quote
  #36  
Old 01-06-2007, 01:00 AM
James282 James282 is offline
Senior Member
 
Join Date: Sep 2003
Posts: 5,309
Default Re: Bankroll Definition and Recommendation for No-Limit Hold \'em

I keep over 100 buyins for any level I'm willing to play. If I go on a 15 buyin downswing, regardless of how many buyins I have for a given level, I move down. This isn't the way it always was, but it is the way it is, now. Of course, I had the benefit of building up my bankroll through extinct amazing limit games that didn't have much variance but had a very steady earn. So by the time I even started playing, the biggest game I could even play(10 20 on party) i had a bankroll over 200 buyins...I've played higher, but would never make something my main game without 100 buyins lurking in the background. With Party gone, I'm much less inclined to take shots because while the steady stream of income is still there, it's not what it was. There are no signs from my perspective that poker will be what it was, and it's been great enough to me that I'm not going to look a gifthorse in the mouth and play with fire. Most people playing 50 100 with 200-300k bankrolls are kidding themselves, imo. Mostly because the vast majority of these folks won't be able to force themselves to stay away when the bankroll is 100k, and at that point it's just gambling.

James
Reply With Quote
  #37  
Old 01-06-2007, 01:04 AM
cts cts is offline
Senior Member
 
Join Date: Dec 2005
Location: VA
Posts: 5,208
Default Re: Bankroll Definition and Recommendation for No-Limit Hold \'em

good post James
Reply With Quote
  #38  
Old 01-06-2007, 01:56 AM
Thuey11 Thuey11 is offline
Senior Member
 
Join Date: Dec 2006
Posts: 500
Default Re: Bankroll Definition and Recommendation for No-Limit Hold \'em

i completely agree james
Reply With Quote
  #39  
Old 01-06-2007, 08:39 AM
Reef Reef is offline
Senior Member
 
Join Date: Jul 2004
Location: PCPforums
Posts: 13,198
Default Re: Bankroll Definition and Recommendation for No-Limit Hold \'em

bankroll = $ in poker sites + $ in neteller to reload if/when needed

I like to have no less than 50 buyins for any level I play
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -4. The time now is 08:23 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.