Re: what to do with your winnings...
 

[ QUOTE ]
I'm buying a house.

Yep. A house.

[/ QUOTE ]

hey! me too!

i think JACKALLEN is paying for half of it [img]/images/graemlins/wink.gif[/img]

Re: what to do with your winnings...
 

[ QUOTE ]
I'm buying a house.

Yep. A house.

[/ QUOTE ]

I did this. Highly recommended.

Orange

Re: what to do with your winnings...
 

I am midway on my world domination project.

Re: what to do with your winnings...
 

Paid off a huge Credit card. My wife and I are looking to buy a house now, so If I can build it back up, it will be part of the down payment.

Re: what to do with your winnings...
 

[ QUOTE ]
CRACK AND HOOKERS only way to go!!!!!!!!!!!!!

[/ QUOTE ]
http://www.thinkgeek.com/images/prod...eandwhores.jpg

Re: what to do with your winnings...
 

I started with $50 last December and have piled up about $6000 in win and bonus playing up to 2/4 where I'm completely comfortable now.

My bankroll rarely gets over $2000 though.

Toys include a big ass TV, a new home theater receiver and DVD player, plus the extra two speakers to go 7.1 although the wife says she won't tolerate another pair of speakers in the living room. I guess she draws the line at 8 (I have a separate two-channel rig for jazz while I play).

What else? Oh yeah, new light fixtures for the kitchen and master bath, starting to throw some down for taxes and various odds and ends like CDs and DVDs.

Oh yeah, and I recently bought $200 worth of 1/2 6-max on Ultimate Bet.

I hate 6-max.

Re: what to do with your winnings...
 

i spend 50% for europe-vegas trips and 50% for the stockmarkets. If any works like i think the stockmarket will be my prefered income in the future.

Re: what to do with your winnings...
 

build a poker banroll, continue to get better, move up, and make more money. save save save and then buy a house.

Re: what to do with your winnings...
 

Just cashed out for uber holiday again. Left enough $$ only for 1-2 to start over. Next summer I will blow bankroll on vacation again. My wife approves haha.

What good is winning money unless it is spent???

Re: what to do with your winnings...
 

Heading to the Aruba Mariott with wifey on Thursday (7/28) for 9 nights. Air, Hotel, and $500 gambling $$$ thanks to Party Poker!!!

Re: what to do with your winnings...
 

Every $5000 my bankroll increases, I get myself something nice, a gift to myself, something I've always wanted, e.g. iPod, digital camera, et al.

Re: what to do with your winnings...
 

i pay for my college tuition and will soon be paying for my apartment with poker. also my other bills.

Re: what to do with your winnings...
 

Even though I hate to withdraw from my bankroll I have had to do it a lot lately. Couldn't find a summer job, so been stuck playing poker, and now I'm getting ready to move back to school in a week. So I had to take a nice portion out to pay rent, and I've been havin gto buy a lot of stuff for when I move in. Food and gas money also come from my bankroll now.

The only thing I've bought that I wanted to buy for myself was my 2001FP.

Re: what to do with your winnings...
 

I have taken two trips to Vegas in consecutive years, for a week stay each time. Went during WSOP this year, and would have played in the $1500 NL event, but didn't want to play against 2,000 players. Both trips were completely paid for with poker winnings, and had more than 3k to play with during each trip, plus more money at home in my poker accounts.

Re: what to do with your winnings...
 

hey, is there a thread discussing this more in depth? like amounts that i have to declare (>$500), cashouts that the bank will notice (like depositing $10k all of a sudden which hasn't happened for me yet).

Re: what to do with your winnings...
 

I generally invest all extra money, but I also like to spend a little, I bought all of my computers (I started playing 6 years ago on my parent's pc), paid for some vacations, bought several guns, and next up is to pay for an engagement ring. Then more guns.

Re: what to do with your winnings...
 

Most of it goes towards school. Everything is paid up right now and I have earned one semester's worth so far this summer. I took a grand from my one and only tourney win and stuck in my ROTH IRA. Once the full year is paid for I'll start building myself up for the tax whip. I only get poker related stuff (books) through the pso.com and the site comps.

[ QUOTE ]
hey, is there a thread discussing this more in depth? like amounts that i have to declare (>$500), cashouts that the bank will notice (like depositing $10k all of a sudden which hasn't happened for me yet).

[/ QUOTE ]

I have also been wondering this lately. I know that there is an amount that if any check is over it gets checked up on. Not sure from who. I want to say $5000, but maybe it's $10000 now.

Re: what to do with your winnings...
 

[ QUOTE ]
hey, is there a thread discussing this more in depth? like amounts that i have to declare (>$500), cashouts that the bank will notice (like d me, jail and/or massive penalties is enough of a deterrent epositing $10k all of a sudden which hasn't happened for me yet).

[/ QUOTE ]

You "have" to declare everything you make. It's a voluntary tax system, so the burden is on you and it has nothing to do with how large your cashouts are.

I'm jealous of the people in this thread who can screw the IRS and still sleep well at night. For me the the fear of jail and massive penalties is strong enough that I just declare every last penny, even though I hate doing it. I don't think the "I didn't know I was supposed to pay taxes on gambling winnings so I bought myself a plasma and a new car instead" would go over too well in the event of an audit.

The risk may be low, but the cost is high. I have to think the IRS is going to be looking carefully at this stuff in the future with all the people playing online poker. YMMV.

Nigel

Re: what to do with your winnings...
 

[ QUOTE ]
[ QUOTE ]
hey, is there a thread discussing this more in depth? like amounts that i have to declare (>$500), cashouts that the bank will notice (like d me, jail and/or massive penalties is enough of a deterrent epositing $10k all of a sudden which hasn't happened for me yet).

[/ QUOTE ]

You "have" to declare everything you make. It's a voluntary tax system, so the burden is on you and it has nothing to do with how large your cashouts are.

I'm jealous of the people in this thread who can screw the IRS and still sleep well at night. For me the the fear of jail and massive penalties is strong enough that I just declare every last penny, even though I hate doing it. I don't think the "I didn't know I was supposed to pay taxes on gambling winnings so I bought myself a plasma and a new car instead" would go over too well in the event of an audit.

The risk may be low, but the cost is high. I have to think the IRS is going to be looking carefully at this stuff in the future with all the people playing online poker. YMMV.

Nigel

[/ QUOTE ]

I agree 100%.

I've bought myself two 2001fp's, 5-6 poker books, and paid for a $2k car wreck. Everything else I don't touch the bankroll.

Re: what to do with your winnings...
 

[ QUOTE ]
hey, is there a thread discussing this more in depth? like amounts that i have to declare (>$500), cashouts that the bank will notice (like depositing $10k all of a sudden which hasn't happened for me yet).

[/ QUOTE ]

There are lots of threads here talking about taxes.

The short of it is (for most people)...

(1) add up the winning sessions and this is reported as income;
(2) add up the losing sessions and this is deductible as an itemizable deduction

If you do not itemize or your winnings push you across a threshold level (such as where you lose your education tax credits), you get screwed.

Acme

Re: what to do with your winnings...
 

i like to buy pot

Re: what to do with your winnings...
 

I started in Sep/Oct 2004 at 50/1 full ring LHE and now play 2/4 full ring LHE and have about 105,000 hands under my belt. I'm up about $10,250 (3k winnings and rest bonii). Each month I move all-Neteller-cash-over-$2,200 into my ING account as I save for some big tickets (down payment on a house, wedding, etc.), but last week I allowed myself one little extravagance........
http://www.canneryrow.com/externals/...4530186596.jpg

Re: what to do with your winnings...
 

[ QUOTE ]
I started in Sep/Oct 2004 at 50/1 full ring LHE and now play 2/4 full ring LHE and have about 105,000 hands under my belt. I'm up about $10,250 (3k winnings and rest bonii). Each month I move all-Neteller-cash-over-$2,200 into my ING account as I save for some big tickets (down payment on a house, wedding, etc.), but last week I allowed myself one little extravagance........
http://www.canneryrow.com/externals/...4530186596.jpg

[/ QUOTE ]

Oh yea, I bought a six pack of New Castle tonight.

Re: what to do with your winnings...
 

If you keep withdrawing sizable wins like that, you are going to end up with no bankroll.

Re: what to do with your winnings...
 

Watch number's get higher in the "account balance".

Re: what to do with your winnings...
 

So far?

Pottery Barn mirror for the wife
iPod
Gas Grill
Tix to Vegas
Motorcycle
2001FP

Re: what to do with your winnings...
 

wait till some of you guys get out of the kiddie pool .... [img]/images/graemlins/grin.gif[/img]



Adam

Re: what to do with your winnings...
 

I play on a site where i do not touch the bankroll at all, I have a seperate bankroll that I bonus sites on that goes on goodies. works out for me.

Re: what to do with your winnings...
 

[ QUOTE ]
[ QUOTE ]
hey, is there a thread discussing this more in depth? like amounts that i have to declare (>$500), cashouts that the bank will notice (like depositing $10k all of a sudden which hasn't happened for me yet).

[/ QUOTE ]

There are lots of threads here talking about taxes.

The short of it is (for most people)...

(1) add up the winning sessions and this is reported as income;
(2) add up the losing sessions and this is deductible as an itemizable deduction

If you do not itemize or your winnings push you across a threshold level (such as where you lose your education tax credits), you get screwed.

Acme

[/ QUOTE ]

Almost everybody goes past that threshold, so saying anybody except the very lowest limit players can itemize their gamblings.

The short of it is for any gamblers that make an insignificant income from gambling that if you can't handle the forms to file as a professional gambler, you should have somebody do it for you.

Re: what to do with your winnings...
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
hey, is there a thread discussing this more in depth? like amounts that i have to declare (>$500), cashouts that the bank will notice (like depositing $10k all of a sudden which hasn't happened for me yet).

[/ QUOTE ]

There are lots of threads here talking about taxes.

The short of it is (for most people)...

(1) add up the winning sessions and this is reported as income;
(2) add up the losing sessions and this is deductible as an itemizable deduction

If you do not itemize or your winnings push you across a threshold level (such as where you lose your education tax credits), you get screwed.

Acme

[/ QUOTE ]

Almost everybody goes past that threshold, so saying anybody except the very lowest limit players can itemize their gamblings.

The short of it is for any gamblers that make an insignificant income from gambling that if you can't handle the forms to file as a professional gambler, you should have somebody do it for you.

[/ QUOTE ]


Uhh...no. Most people do not go past that threshhold. It happens at $80K in earned income for a married couple.

Acme

Re: what to do with your winnings...
 

I haven't spent much of my bankroll on anything. The only thing I've purchased is a $2,000 Tag Heuer watch, because hey, I'm vain like that. The rest is going back into my bankroll so I can keep moving up and taking shots.

When I eventually settle in at some level for a significant amount of hands, I'll begin to take extra earnings and reinvest them with some help from my cousin (Financial Advisor). That money gets saved up for Medical School in a few years. Oh and maybe an M5 (if I do really well).

Re: what to do with your winnings...
 

60% beer
30% trip to malaysia

currently trying to build up what i had left after the trip

Re: what to do with your winnings...
 

When the balance increases by $4000, I take half and take a casino gambling trip with the wife. We've done this twice in the last 14 months, and are doing it again in 2 weeks. Whatever is left over from the trip goes back where it belongs - THE BANKROLL. We used to go casino gambling 3 times a year, now we have just about doubled that. We are both ADDICTED.

Re: what to do with your winnings...
 

[ QUOTE ]
I started in Sep/Oct 2004 at 50/1 full ring LHE and now play 2/4 full ring LHE and have about 105,000 hands under my belt. I'm up about $10,250 (3k winnings and rest bonii). Each month I move all-Neteller-cash-over-$2,200 into my ING account as I save for some big tickets (down payment on a house, wedding, etc.), but last week I allowed myself one little extravagance........
http://www.canneryrow.com/externals/...4530186596.jpg

[/ QUOTE ]

nh

Re: what to do with your winnings...
 

Just started depositting into a mutual fund that I hope to deposit into monthly.

Today, I bought a Scotty Cameron Newport putter, a Cleveland Launcher 3-Wood, and a TaylorMade Satin 52 degree wedge.

Re: what to do with your winnings...
 

Well, I deposited $350 into online poker last year, and never withdrew until last month. I took out $400 to give to my wife for spending money on a trip to NY with her girlfriends. Definitely a +EV move [img]/images/graemlins/smile.gif[/img]

I think from now on I'm going to take about 1/3 of each months winnings and move it to checking for general household use. I'm comfortable doing this now that I have a big enough bankroll for my current level (almost 1000BBs), and this will still allow me to grow the bankroll quickly enough to be ready for the next limit when I am ready to move up.

Bobby

Re: what to do with your winnings...
 

I actually haven't spent too much of my winnings. I paid off all my student loans and credit cards first before I did anything else. A large portion of it goes to taxes. Other than that I'm just saving it for a new condo/house. Therefore I haven't really spent it on anything. My job pays for all my bills and whatever money that I need to spend.

Re: what to do with your winnings...
 

spend it on lots of materialistic crap.

probably the most fun thing i'll spend it on:

taking my dad; and 2 of my best friends to see Paul McCartney; 5th row in a few months.

Re: what to do with your winnings...
 

Hookers and Massages....poker is VERY stressful.

Re: what to do with your winnings...
 

[ QUOTE ]
so here's my question, do you people spent that money on toys, leave it in the BR, or deposit it into your savings/retirement account?


[/ QUOTE ]

I've alternately done all of these things within the past couple of years.