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