Forum: Two Plus Two Internet Magazine
12-20-2005, 02:30 PM
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Replies: 23
Views: 263
Re: Clarifications about Tax
I would like to know what part of my advice was incorrect or misleading that the OP or any others should ignore. I may not be as well known, but my points are just as valid as any made by Mr. Fox,...
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Forum: Texas Hold'em
12-20-2005, 08:53 AM
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Replies: 11
Views: 123
Re: Local Tax Confusion
For those who are wondering, there are a couple of states that have the local income tax that I'm aware of. The 2 that come to mind are cities in Ohio and all of PA. Certain parts of Michigan as...
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Forum: Internet Gambling
12-16-2005, 04:38 PM
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Replies: 41
Views: 203
Re: The Tax Man Cometh
No, this is not correct. Your tax bracket is determined by your taxable income, which comes after your itemized deductions. The tax rules for gamblers are bad, but not that bad.
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Forum: Sports Betting
12-16-2005, 08:47 AM
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Replies: 25
Views: 194
Re: NCAAB Unranked vs Ranked 12/17 ???
I have to agree with you here. Mississippi has beaten nobody and were blown out by 53 (not a typo) against New Mexico. There is no way Memphis is less than a 5 point favorite and is more likely to...
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Forum: Two Plus Two Internet Magazine
12-16-2005, 08:37 AM
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Replies: 23
Views: 263
Re: Clarifications about Tax
The IRS would have easy access to your account at WM since part of the banking regulations require them to turn over your information when properly requested.
Neteller, even though it is not an...
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Forum: Two Plus Two Internet Magazine
12-16-2005, 08:29 AM
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Replies: 23
Views: 263
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Forum: Two Plus Two Internet Magazine
12-15-2005, 07:41 PM
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Replies: 23
Views: 263
Re: Clarifications about Tax
To answer your questions as simply as possible:
1) Not necessarily. A professional will have self employment taxes. A nonprofessional player might still pay taxes at a net of $10k, if the...
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Forum: Texas Hold'em
12-15-2005, 08:36 AM
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Replies: 15
Views: 80
Re: Is r***back taxable income?
You are comparing apples and oranges.
In a stock dividend, you are receiving more stock, which is a capital asset. You already own shares of the corporation issuing the dividend. A stock...
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Forum: Texas Hold'em
12-14-2005, 08:32 PM
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Replies: 15
Views: 80
Re: Is r***back taxable income?
Capital gain? Are you joking? Rakeback does not involve a sale or deemed sale of property in any way. Your description of how a pro gets capital gain is not correct. A rakeback payment is a...
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Forum: Internet Gambling
12-11-2005, 01:09 PM
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Replies: 18
Views: 106
Re: Betting system for UK soccer
Personally, I have been flat betting ties in division 4 as you call it. My win % on individual games does not justify making large number of team parlays. The favorites usually don't give the value...
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Forum: Internet Gambling
12-11-2005, 09:26 AM
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Replies: 18
Views: 106
Re: Betting system for UK soccer
Thanks, I didn't want to let out the information since I don't want the draw to start getting the odds that the French league gets on their draws. Italy Serie A has started to draws at under 3.00 on...
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Forum: Internet Gambling
12-11-2005, 09:23 AM
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Replies: 18
Views: 106
Re: Betting system for UK soccer
The draw in League 2 pays between 3.20 and 3.45 on your average match to convert to decimals for you. The math works out to paying out at a rate of 30-31%.
If the draw is +EV, I would imagine...
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Forum: Internet Gambling
12-11-2005, 09:17 AM
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Replies: 18
Views: 106
Re: Betting system for UK soccer
The thing that you forget to mention is that the draw pays out based on a win rate of approximately 31%. I noticed the high percentage of draws about 2 months ago and it has been paying dividends...
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Forum: Televised Poker
12-04-2005, 10:06 PM
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Replies: 20
Views: 193
Re: WSOP: Bubbling better than a weak cash?
When I was talking about most online satellites being transferable, I was thinking about the satellites to larger online tournaments that run on a weekly basis.
You are right that the same rules...
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Forum: Televised Poker
12-04-2005, 09:52 PM
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Replies: 20
Views: 193
Re: WSOP: Bubbling better than a weak cash?
The gain or loss would be determined at the time of the tournament, unless you received cash before the time of the tournament. The situation would work exactly the same as described for the WSOP...
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Forum: Televised Poker
12-04-2005, 09:08 AM
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Replies: 20
Views: 193
Re: WSOP: Bubbling better than a weak cash?
There was a thread about this very topic last year at tax time and my professional opinion at the time was that Greg is correct because the seat is non-transferable and therefore has no value until...
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Forum: The Stock Market
12-03-2005, 10:26 PM
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Replies: 33
Views: 169
Re: IRA Help for a Professional Poker Player
I would just add that retirement plan contribution limit for 2005 is $42k and will be $44k for 2006.
Also, if you have a retirement plan that allows early distributions, there are ways to get the...
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Forum: The Stock Market
12-03-2005, 10:18 PM
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Replies: 33
Views: 169
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Forum: News, Views, and Gossip
11-28-2005, 10:31 AM
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Replies: 13
Views: 152
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Forum: Sports Betting
11-21-2005, 08:33 AM
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Replies: 4
Views: 89
Re: NCAA Basketball Lines
UNC-Ashville is not from a conference that will get a line posted, except during the NCAA tournament. The Vegas rotation does not have the game listed, so there is very little (none) possibility...
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Forum: Two Plus Two Internet Magazine
11-04-2005, 07:24 PM
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Replies: 46
Views: 219
Re: Paying taxes on Poker Winnings...
The part that you are missing in the Al Capone case is that the gov't didn't have to prove that the source of the income was illegal. All that that gov't proved was that Capone had income that he...
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Forum: Internet Gambling
11-01-2005, 08:22 PM
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Replies: 14
Views: 59
Re: Dumb tax questions.
The answer to your first question is that you will pay only the additional tax plus interest and penalties. The amount over the additional tax will be more than you might think since the IRS has an...
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Forum: Internet Gambling
10-21-2005, 06:33 PM
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Replies: 8
Views: 31
Re: A tax Question (nothing about poker)
In the interest of not trying to use this board to promote my own business, I will give you the free answer that is very simple.
Your trip down to Costa Rica is not a job search expense that...
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Forum: Internet Gambling
10-07-2005, 10:35 PM
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Replies: 82
Views: 482
Re: Is Rakeback Taxable?
Please read and search for my posts on the subject. There is no justification that would hold up to IRS scrutiny to exclude this income.
Rakeback is a return of an expense that has been deducted...
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Forum: Internet Gambling
10-07-2005, 08:21 PM
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Replies: 82
Views: 482
Re: Is Rakeback Taxable?
There are no age specific restrictions that keep a minor from filing as a professional. I would sat that it really depends upon the amount of income earned by the minor that determines if filing as...
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