astros11ss 0 Posted March 21, 2007 Share Posted March 21, 2007 Regarding the taxes;I have obviously never had this "problem", so I will just show my ignorance.How would the IRS ever know that you had made that money? Are they totally relying on you self-disclosing? I gather those of you who have to pay taxes on your winnings keep meticulous records of how much you spend - is PokerTracker sufficient for that or do you keep all receipts/emails confirmations for deposits?To OP; very nicely done sir - enjoy the spoils of your victory!RegardsErasathe IRS has records of any money that ever hits a US bank, so you must report everything you withdraw from a poker site. Link to post Share on other sites
No_Neck 0 Posted March 21, 2007 Share Posted March 21, 2007 the IRS has records of any money that ever hits a US bank, so you must report everything you withdraw from a poker site.They also have neteller records I would be willing to wager. Now is the time to fess up if you haven't. Link to post Share on other sites
11 to 1 0 Posted March 21, 2007 Share Posted March 21, 2007 Put 25% away for taxes, 15% away for retirement, 30% away just as bankroll, then take out living expenses - then buy Harley. Congrats, BTW. Link to post Share on other sites
rgold79 0 Posted March 21, 2007 Share Posted March 21, 2007 btw OP this thread would be much better with hand histories Link to post Share on other sites
astros11ss 0 Posted March 21, 2007 Share Posted March 21, 2007 They also have neteller records I would be willing to wager. Now is the time to fess up if you haven't.uhhh... thanks for this fantastic advice? Link to post Share on other sites
No_Neck 0 Posted March 21, 2007 Share Posted March 21, 2007 uhhh... thanks for this fantastic advice?sorry I have a bad habbit of hitting reply from the last post instead of the one below it, I wasn't directing that at you, just warning people that I have a feeling the audits are going to be coming... since the Feds seized all the records from neteller. Link to post Share on other sites
PMJackson21 0 Posted March 21, 2007 Share Posted March 21, 2007 sorry I have a bad habbit of hitting reply from the last post instead of the one below it, I wasn't directing that at you, just warning people that I have a feeling the audits are going to be coming... since the Feds seized all the records from neteller.Most likely, but as long as you have been paying your taxes, you should be fine.They can SMD if they think I am paying taxes on the money I have in Neteller though. Next year when I'm able to get the money out, sure, but not this year.Thank god I ran like crap in a lot of live events this year. Weeeeeee deductionaments. Link to post Share on other sites
Vick12 0 Posted March 21, 2007 Share Posted March 21, 2007 Most likely, but as long as you have been paying your taxes, you should be fine.They can SMD if they think I am paying taxes on the money I have in Neteller though. Next year when I'm able to get the money out, sure, but not this year.Thank god I ran like crap in a lot of live events this year. Weeeeeee deductionaments.BWAHAHAHAHAHA....very goot line PMJ! Link to post Share on other sites
nhlfan 0 Posted March 21, 2007 Author Share Posted March 21, 2007 uhhh... thanks for this fantastic advice?I didn't have the "save hand histories to your computer" thing clicked on Tilt, never had to worry about it, but will be doing so form here on out. Will share. Did lose a buy-in the other day when my AK clubs hit a 7-9-Q clubs board and the other guy show 8-10 clubs and rivered the J clubs. Most of my winning hand were me hitting a set against top pair or me hitting A-K against Q-K on a king high flop, getting free cards to my straights and flushes and hitting. I also played a lot of "small ball" picking up a lot of blinds and re-raising from position at limped pots. This really works pretty effectivley and I really need to read up on this aspect of the game. I DO know how to play this game properly, bankroll managment aside. I'm not worried about my "bankroll" cause I don't do this for a living. If I lose my roll, I just reload. Not worried about the money. If I lost 40k I'd be pissed, so that's why I've already withdrew 20k and am going to withdraw another 15. And at least astros and I can agree on one thing, any checks that go into my account could be subject to inspection by the IRS, and I don't want to f with the man. I'll be putting some of that away for the taxman (although, due to my wifes own fears of the IRS, we both claim 0 on our taxes and we have 2 kids, so we got back like 7K on our return this year, so I have room to play with). By the way, my twin boys are 3 and have thier college already paid for so I don't need to save for that (thanks Grandpa!),For someone like astros who plays poker for a living, I can see why my approach wouldn't make sense. However, I do NOT play for a living, I am an engineer and make a good living alone. Poker for me is fun and exciting, and if I make some money, BONUS. I do not need it for living expenses, food, debt, or anything else. Now that I have made some REAL money playing, I figure I am going to take a bigger risk, which would be totally counter-productive if I was doing this as a job. So I can see where astros is coming from, just we're not playing for the same thing. Now for me to take a risk with all 40 g's would be crazy in my eyes, and that's why I've been playing the 5/10 and limiting my buy-in. So like I said, I can see where astro is coming from, we're just playing for two different things. He does this for a living and needs to take "calculated" risks, where I can be a little more aggresive and not really "semi-ruin" my life if I do lose a chunk of my bankroll.I have noticed one thing coming from my normal 1/2 NL game jumping into the 5/10 and 10/20, they players aren't a WHOLE lot better at these levels than I was expecting. Is this normal or maybe I've just been hitting the tables at good times. And I'm not saying this because I've been winning, just noticed getting a lot of them to make REALLY bad calls, like I hit a set of nines on a 2-4-9 board and they raise, I re-raise, they re-raise and I push and they call with either A-K or A-4 or something, and this happened a lot. Link to post Share on other sites
fatman 1 Posted March 21, 2007 Share Posted March 21, 2007 I'm still pretty jealous. Link to post Share on other sites
GABMAD 0 Posted March 21, 2007 Share Posted March 21, 2007 what stakes are you going to play now? Link to post Share on other sites
mtdesmoines 3 Posted March 21, 2007 Share Posted March 21, 2007 It wasn't too bad for the first week, now it's starting to rust to my a$$ hairs though, and that is a bit annoying.I'd sit back and talk to someone who knew how to manage a bankroll before I played one more hand. Just a little advice from your uncle MT. Link to post Share on other sites
GrinderMJ 0 Posted March 21, 2007 Share Posted March 21, 2007 Lol at this whole post. Wheeeeeeeeeeeeee I played out of my bank roll, now I'm committing tax evasion, woooooooooooooooooooooooooooooooot Link to post Share on other sites
Vatche 0 Posted March 21, 2007 Share Posted March 21, 2007 Most likely, but as long as you have been paying your taxes, you should be fine.They can SMD if they think I am paying taxes on the money I have in Neteller though. Next year when I'm able to get the money out, sure, but not this year.Thank god I ran like crap in a lot of live events this year. Weeeeeee deductionaments.i was always curious about this...i figured i was suppose to report winnins lke the bolded part(whatever i withdraw to my bank acct)...but i read the tax thread on p5 where it says youre supose to log every tourny/session you play and report everything[even if you leave it online])...hope its not true cuz it seems like a JOKE.so...say i win 10k in a tourny...i withdraw 5k to my bank acct and leave the other 5k online...do i need to report 10k or 5k?greatly appreciated if anyone can answer this for me...thx. Link to post Share on other sites
TurboDog 0 Posted March 21, 2007 Share Posted March 21, 2007 What kind of engineer are you NHL? Link to post Share on other sites
Naslund44 0 Posted March 21, 2007 Share Posted March 21, 2007 Lol at this whole post. Wheeeeeeeeeeeeee I played out of my bank roll, now I'm committing tax evasion, woooooooooooooooooooooooooooooooot I Lol'd Link to post Share on other sites
Balloon guy 158 Posted March 21, 2007 Share Posted March 21, 2007 i was always curious about this...i figured i was suppose to report winnins lke the bolded part(whatever i withdraw to my bank acct)...but i read the tax thread on p5 where it says youre supose to log every tourny/session you play and report everything[even if you leave it online])...hope its not true cuz it seems like a JOKE.so...say i win 10k in a tourny...i withdraw 5k to my bank acct and leave the other 5k online...do i need to report 10k or 5k?greatly appreciated if anyone can answer this for me...thx.V, You are going to jailSorry bro Link to post Share on other sites
fleung22 1 Posted March 21, 2007 Share Posted March 21, 2007 4 8 15 16 23 42 Link to post Share on other sites
umop-apisdn 0 Posted March 21, 2007 Share Posted March 21, 2007 I will turn $10 into $20 million tonight... 5 quick-picks baby! Stakes to follow... Link to post Share on other sites
astros11ss 0 Posted March 21, 2007 Share Posted March 21, 2007 Lol at this whole post. Wheeeeeeeeeeeeee I played out of my bank roll, now I'm committing tax evasion, wooooooooooooooooooooooooooooooootHEY NOW DONT BE NEGATIVE!!! PLS CONGRATULATE OP ON HIS SUCCESS AND APOLOGIZE IMMED. BEFORE I PM JOEYJOJO ABOUT THIS. Link to post Share on other sites
Ouch-8s 4 Posted March 21, 2007 Share Posted March 21, 2007 HiHow do you do that? Do you have a legion of minions whose sole duty is to report to you when you are mentioned? Link to post Share on other sites
SBriand 4 Posted March 21, 2007 Share Posted March 21, 2007 Wait, maybe I am missing something which could be possible as I am in Real Estate Law lecture, but since when was there a rule that says if you play poker you have to follow strcit br rules. I have a job and play for fun, so if I want to play above my BR then who the fuck are any of you chodes to condemn me(him) for it?good for the op, good for BK for being a great player, and good for RichMatt for being a monster...success is good for all... Link to post Share on other sites
Jeepster80125 0 Posted March 21, 2007 Share Posted March 21, 2007 8 User(s) are reading this topic (4 Guests and 0 Anonymous Users)4 Members: Jeepster80125, Mayor_Qu1mby, StupidKid, PipedreamPansy. When did you learn to read?sw. Link to post Share on other sites
GrinderMJ 0 Posted March 21, 2007 Share Posted March 21, 2007 Wait, maybe I am missing something which could be possible as I am in Real Estate Law lecture, but since when was there a rule that says if you play poker you have to follow strcit br rules. I have a job and play for fun, so if I want to play above my BR then who the fuck are any of you chodes to condemn me(him) for it?good for the op, good for BK for being a great player, and good for RichMatt for being a monster...success is good for all...I've kept quietish about this but here's what I think. Why he is getting mocked is because he is celebrating something that is widely considered as a bad idea. He can claim it's playing off profits, taking one shot one time etc. but that's probably not the case. He already took one shot to get a 13k roll and what does he do? He immediately starts playing high stakes, he never grinded even for a day. Sorry, but nobody is good enough to just waltz into high stakes poker and be a consistent long term winner, and neither can this guy. HE's basically already proved he just has no BR management and will sit and try to run up a huge roll. So what happens when things turn bad? Will he drop down and grind low stakes? I doubt it. For anyone who thinks this is risk free money, and what he's doing is impressive, you are wrong. I wouldn't be shocked if this guy dusted off his roll, and had to redeposit many times, busting off whatever he deposits. Granted i took a lot of assumptionis with this post, and I don't really care about any of this, but this is my 2 cents Link to post Share on other sites
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