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#1
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Re: Bankroll Definition and Recommendation for No-Limit Hold \'em
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[ QUOTE ] Think about the tax implications - until the money comes offline, no requirement to pay taxes on it because it's in play. Pull it offline and you're supposed to pay taxes so the govt takes a bite. Now if you go put some of that money back in play but it's post-govt-bite and you've just cost yourself whatever % your tax bracket is. [/ QUOTE ] is all this true? if so, it makes my life a lot easier. holla [/ QUOTE ] The thing I am 100% sure about is this: The amounts of money in play for some of the HSNL online guys, you shouldn't be taking tax advice as anything other than anectdotal from any Internet forum. Get yourself a good CPA fimiliar with gambling earnings and US tax law. You probably are at least aquainted with someone who knows an over 21 big name pro, right? Ask that person to ask the big name pro to refer you to an accountant and talk with them. Even if not a local TX guy, if you have to go to Vegas for it - which I sort of doubt this being TEXAS and the name of the game being TEXAS hold'em and all lol. If nothing else, ask that magazine guy that wrote the article on you guys to point you at someone who has a good CPA and knows the tax laws. 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. If you fly to Spain, enter a tournament and win, take the winnings in chips of the casino there if that's an option and place those chips in a casino box in Spain, how is that different than what I'm saying? Online money that is in play isn't directly accessible and "winnings" aren't really winnings until they're realized ala Capital Gains. That's my theory and it's worth nothing - talk to a CPA familar with gambling winnings. |
#2
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Re: Bankroll Definition and Recommendation for No-Limit Hold \'em
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talk to a CPA familar with gambling winnings. [/ QUOTE ] funny thing about that.. they all say something different, and no one seems to be completely sure on the laws regarding internet gambling. oh well, for now ive been sticking with pay tax on what hits my bank account. holla |
#3
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Re: Bankroll Definition and Recommendation for No-Limit Hold \'em
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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) |
#4
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Re: Bankroll Definition and Recommendation for No-Limit Hold \'em
Imo any bankroll requirements doesnt make any sense.
Its all about risk tolerance and honest assessment of one abilities. In today environment one can play 6+tables and get 50xbuyin bankroll at any stakse in no time - IF one beats lower stakes. You only need "bankrol requirements" when you try another level and the only thing which is useful to decide if you should take that shot is your tolerance for risk. I dont see how general tips may help. What would be helpful is some tables with calculated probabilities of going on X buyin downswing before winning say 20xbuyin with given WR and std dev so everybody can choose his/her own risk tolerance. |
#5
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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). |
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