#1
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RAKE
I keep track of my play: hours, win/lose, rake. Would rake and tips be considered actual profit or loss.
We pay $5 a half hour in our game for the "priviledge" of playing. This is money spent as a expenditure for "doing business". So if I win $500 in a given session and played for 5 hours at $10 an hour ( $50 ). My gross profit is $550, net profit $500. Any thoughts on how the rake should be examined when tracking your bottom line?. |
#2
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Re: RAKE
This gets asked about twice a month. Do what you like.
Most of us figure our winrate with the cost of rake included. Many also include tips, some include other expenses. |
#3
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Re: RAKE
This too has probably been asked before, but does rake and/or tipping count as a business expense, which can be written off on your taxes?
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#4
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Re: RAKE
Just figure the amount of money you leave the table with, less the amount you sat down with. I'd tend to figure everything that goes into a session as part of the cost more for the simplicity of record keeping than anything else.
At the very least, tips and rake would absolutely be figured in to a day's play in the same way that tax and tip are figured into the cost of a meal. |
#5
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Re: RAKE
If you are asking for tax purposes, consult your CPA.
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#6
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Re: RAKE
Knew that was coming...and yet if I asked for an opinion on how to play a poker hand, you would be certain to chime in, even if your expertise is not to the level of a CPA.
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