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#11
10-18-2004, 03:24 PM
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Re: Preparing to turn Pro
[ QUOTE ]
Should I deduct $.32 per mile for wear and tear on the car as well? [/ QUOTE ] If you file your taxes as a professional gambler then you should be able to deduct the mileage (wear-and-tear) from your winnings. 
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#12
10-18-2004, 03:28 PM
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Re: Preparing to turn Pro
BigRed,
It sounds like poker for you is a means to an end. For me it is an obsession. I literally spend hours after my sessions reviewing the hands in my head. There is a 2+2er that was playing at my table on some sessions and the next day I would be still disecting a hand and he'd have to firmly tell me to stop beating a dead horse and move on. 1 hand was so debated that I called him long distance. The point is that I Love poker and can't imagine weening myself off of poker. A day off maybe a week vacation with the kids? Sure. Cutting it out or down? Never.
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#13
10-18-2004, 03:34 PM
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Re: Preparing to turn Pro
[ QUOTE ]
[ QUOTE ] Should I deduct $.32 per mile for wear and tear on the car as well? [/ QUOTE ] If you file your taxes as a professional gambler then you should be able to deduct the mileage (wear-and-tear) from your winnings. [/ QUOTE ] OK but when I calculate my live play winnings I always keep stats and figure my hourly. Say I made $100 playing 10 hours. Online that is a simple $10 an hour. However I add the 4 hours driving time so now I would devide 100 by 14 rather than 10. It costs $20 for tolls and gas so I subtract that from my winnings. So this session is a profit of $80 divided by 14 hours equals $5.71 per hour. Keep in mind these are easy hypothetical numbers for example not actual. My question is should I take 175 miles multiply it by $.32 and deduct that from my profit? The cost IS incurred durring/for that session.
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#14
10-18-2004, 03:49 PM
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Re: Preparing to turn Pro
If I could afford to play poker as a profitable hobby, that would be the best scenario. I think you said your wife works, so you're in a more suitable situation than I am. I'm looking to play full time and still be able to maintain my current life style, which will be very tough to do, unless I can think of something else to eventually replace what I make in my day job now. In the meantime, I'm looking to play poker to provide a bridge to get there.
I love to play poker as much as the next 2+2er, although I'm probably not at the level of your analytical zealousness. So, it's not that I want to completely get rid of poker from my life. I will probably play this game for the rest of my life, but I sure don't want to do it as my only source of income.
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#15
10-18-2004, 03:50 PM
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Other Considerations
[ QUOTE ]
In light of this I've been spending several hours each week trying to locate home games with reduced or no rake. Next to playing winning poker this has been top priority. The home games that I'm currently involved are the loosest poker and have no rake what-so-ever. If I can fill my week with them I will [/ QUOTE ] If these become a prime source of income, you will always need new games. It's one thing go to a game once or twice a month and pay the rent with their money, it's another to do it twice a week. You don't have the luxury of anonymity here nor can always be assured a seat. Believe me, when you have bills to pay and you travel an hour to a game only to find out you are banned, it is quite distressing.
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#16
10-18-2004, 04:02 PM
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Re: Preparing to turn Pro
[ QUOTE ]
My question is should I take 175 miles multiply it by $.32 and deduct that from my profit? The cost IS incurred durring/for that session. [/ QUOTE ] That's up to you. But you don't get to deduct the time-spent driving....and you do get to deduct the mileage. Since you are deducting the mileage later I really don't see why you should include it in your wins/losses. It's just something that is a consideration for you. If I have a $50k/yr job but have to commute 1 hour each way then I say "well, it's an adequate paying job....but that commute sure eats into the salary." But you still would say that you are making $50k/yr. You get the pay-check first and make your $50k and THEN your commute-costs are just a part of your cost of living. Other people might say "well, with the cost of living in this area and the cost of the daily commute it's really more like a $35k/yr job." It's all a matter of how you view it. When I had a lengthy commute I just looked at it as a significant expense. But I still looked at my job as something that paid me $x/mth. I didn't look at the actual job as paying less than x (x-minus-gas) each month.
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#17
10-18-2004, 04:03 PM
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Re: Preparing to turn Pro
TT,
I think this is a very good development for you, and I would encourage you to give us progress reports. I wasn't (completely) joking in my reply earlier today. While you would handle the mileage on your taxes at the mileage rate, for my own personal records I calculate the percentage of my annual mileage that is poker related and consider the extra maintenance costs and increased wear (how much earlier I will have to buy a replacement car) to come up with an expense for wear & tear. Create a formula that makes sense for you. And remember, each minute you are posting as an alias is eating into your income by distracting you from poker. Resolve to capture that "lost" income. [img]/images/graemlins/grin.gif[/img]
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#18
10-18-2004, 04:11 PM
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Re: Preparing to turn Pro
Bob, the reason I think it is important to know the "full cost" for each trip to a casino is precisely because you need to know if it is worth it ([income minus full expenses]/time). Everyone going pro should know if he can fall back on the B&M routine should laws change. It may not be so easy to find a "normal" job instead.
I would work out other B&M alternatives: - overnight stays at the local casino - longer trips to Vegas For each you can figure your hourly or daily net income, so you know what options you might need to fall back on (even if you never plan to use them).
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#19
10-18-2004, 04:11 PM
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Re: Preparing to turn Pro
[ QUOTE ]
Marengo is in Il near Rockford and Trump is the Casino I spoke of. I would be very interested in hearing about any games you know of. Please PM them to me. [/ QUOTE ] Thomas, you do know that there is poker at Hollywood Casino in Aurora right? This is probably at least an hour closer to you than Gary, IN.
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#20
10-18-2004, 04:14 PM
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Re: Other Considerations
Spartucus,
Very good point. One game people have started to complain that I'm winning an awful lot. So far it's been an ego thing that's kept me there where they can't admit to themselves that they aren't pros. This is a definate concern. Changing the subject, Are you the same spartucus that played at pokerroom on this handle say 2-3 years ago?
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