Paying Big brother

[Diabolical 0]

I'm so happy for Daniel for having such a fantastic year at the tables this year. I have been keeping track of him since 2001 when he use to talk about playing in 30-60 games. you've come a long way baby and it seems there is no end in site.I have read all his journal entries on this site, and i have noticed that when he talks about his live play, he seems to lose all the time. It makes me think that he's posting losses for tax reasons. But, he could just be unlucky in live play these last few months :roll: . I would like to hear from some of you players who are filing your winnings to the man, and if you can give some advise on keeping records. I have been keeping track of my win/loss ratios for three years now, and this year, i finally had a winning year! I believe next year, i'll be doing even better and, hopefully can join some of the up and comings in next year's tourneys. But i worry about taxes and i also wonder what to do if I go fifty/fifty partners with someone in a big buy in tourney and finish in the top three.

[Suited_Up 2]

Well... I don't have much tax advice...I just know you need to pay em. But I wanted to comment on the whole thing about Daniel posting so he can claim losses... although it's a nice incentive... I think he makes more journal entries about losses is just because losses always stand out more. When you win, you're content, and don't really need to brag to anyone (Espeically when you play at the level he does). I imagine he hates losing as much as anyone else, and it just seems to stick in your head more than the wins. Just a thought.

[Smasharoo 0]

General rule of thumb is report anyhting you get a w2-g on and ignore everything else.The IRS really doesn't care if you win $5,000 playing $5/$10 using completely untraceble cash transactions for chips and vice versa.If you place in a (non-online) tournament and win more than $1500 they'll ussually get your soc-sec and send you and the IRS a w2-g. Keep written records of any tournaments you enter in to use as losses to offset the winnings you report./shrug. It's a pain, particularly when you win $10,000 and they pay you $7,500 and withold the rest for taxes

[Guest]

dont worry about taxes. keep all your cash game winnings.

[sxz18 0]

I think Daniel posts his losses to show people who are all pumped to play poker professionally what it is really like. Even at the level he plays at, he drops anywhere from 100k - 200k on any given night. Most players out there think they're above average, which totally doesn't make sense because then the real average would be higher. I remember on Cardplayer.com, they had a poll and i think 60-70% of poker players believe they're "above average". How is that possible? It isn't! I think Daniel is doing something great by posting his swings and the losses he goes through. It'll put more reality into those who are thinking of seriously living off only cards. I'm all for poker, but I would do it more as a secondary job in my spare time.

[Wlleiotl 0]

I remember on Cardplayer.com, they had a poll and i think 60-70% of poker players believe they're "above average". How is that possible? It isn't!

well tbf, its not quite a fair representation of all poker players and it is possible that the typical poker player visiting cardplayer.com will be above average out of all poker players. however i agree with what you're saying in principal, poker players will overrate themselves.