I just won a LARGE sum in the UB Million

[TimTimSalabim]

9. And just remember that your tax dollars are going to a good cause; like launching thousands of cruise missiles at a cost of 90 billion dollars into a country that allegedly is a threat to the world with its weapons of mass destruction. Oh, and another 90 billion to repair the damage.

[Rushmore]

The scramble was from 20 down to 10. Some key hands came up, I made all the right decisions, and got through to the final table.

To be honest, I was surprised at some of the mistakes I saw at the final table. I think we were all fairly close in chip position (in fact, I even said "We have parity"), but everyone dove for the ring at the same time. I went from 8th to 3rd in about 20 mins., cards went cold, blinded off a bit, then cracked out when I raised with AQ and lost to JJ, I think.

Anyway, I felt like patience is what made me the extra $100K+.

[Greg (FossilMan)]

"We"? That game is probably softer, on average, than the 20-40 holdem game. Well, at least it used to be. Holdem is getting so much more popular in that room, the 20 game is probably a lot better than it used to be.

Also, the big mixed game is usually OE or HOE, with stud seldom in the mix.

Maybe you'll help me start a bigger PLH game in that case.

Later, Greg Raymer (FossilMan)

[Greg (FossilMan)]

Actually, Rick, the threshold varies from casino to casino. I know it shouldn't, but the various regional IRS offices have each come up with different interpretations of which regulations apply to poker tournaments, and what is the threshold for reporting, as well as for withholding. Plus, many casinos don't know what they're doing, either.

Fortunately, as long as you tell the truth on your return, and keep adequate records, you will be fine no matter how the casino reports it.

Later, Greg Raymer (FossilMan)

[Greg (FossilMan)]

Cashouts are irrelevant. As soon as you win money in a session, it is supposed to be put into your records. As soon as you finish a losing session, it goes in your records also. At the end of the year, you add up the winning sessions, and they go into your gross income. You also add up the losing sessions, and itemize the lesser of your total losing sessions, or your total winning sessions (i.e., itemized losses cannot exceed total wins).

It doesn't matter where the money is, as long as it is in your control. So, you wouldn't have to pay taxes on Pokerspot money, when they wouldn't let you cash it out. But you do have to pay on your money in Party, Stars, etc.

Later, Greg Raymer (FossilMan)

[William]

If i were to open an account in a Us bank and send my online winnings there, would I have to pay taxes to the IRS, even if am European and live in Europe?

[Horrible Player]

Well here is another praticle question:
Is it legal for playing online in the state of CT? What implications will this have with the IRS and local/state laws for the internet poker? Could it be like that guy from S. Dakota who got caught for internet gambling? Any lawers out there willing to take a stab at this?

[Rushmore]

Maybe it's time to start making the drive again. My monitor is burning a hole through my retinas.

Retinae? I dunno.

Anyway, after all is said and done, I oughta have enough to sit at least once or twice with y'all.

We'll grab a bite afterwards, maybe a beer.

[sdplayerb]

May have been said, but not going to read all 50 emails.
Any other tourneys you play will count as an expense against the income you made from this tourney. So basically you will be getting a 30% discount on any tourneys you play (get a receipt).
So may be worth playing some bigger tourneys you wouldn't have otherwise. Plus you came in 3rd, so you must be pretty good.

Congrats!

[Kurn, son of Mogh]

I don't think so, but you probably would have to pay state taxes on the interest from the account.