Regarding POKER, not just tournaments but cash games. The government now collects about 45% from everyone who wins. So, no escaping some costs in virtually every venture.
Don
Don
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Series 56 - LOL Thread
- Thread starter ksmetana
- Start date
Quote from Don Bright:
Regarding POKER, not just tournaments but cash games. The government now collects about 45% from everyone who wins. So, no escaping some costs in virtually every venture.
Don
Had no idea about the cash games, the only way to avert is home games. And home games can be scary sometimes: mechanics, and other things that are annoying. Last few months C++ course taken all the poker time and time to stay around home, will see what las vegas is like at the end of November. 45%? seriously? That almost sounds too high to be true, but I woudln't be surprised.
Not sure where Don is getting the 45% figure from. It's 25% on tournament winnings over 5k. For cash games you are obligated to file under other income on your 1040.
The poker boom is clearly over though and you if you want to make more then 50k a year you have to put in some serious hours at a casino. Games are much tougher now and a lot of players hit a wall as they move up in stakes. Trading is more scalable but is 10x harder to learn.
The poker boom is clearly over though and you if you want to make more then 50k a year you have to put in some serious hours at a casino. Games are much tougher now and a lot of players hit a wall as they move up in stakes. Trading is more scalable but is 10x harder to learn.
I was referring to the "big game" guys my brother plays with twice a week or so (Bobby Baldwin, John Robert, and other guys with $500K buyins, $500-$1000 blinds)... they're in the higher tax brackets of course.
Home games, yeah, now you're talking....
LOL,
Don
Home games, yeah, now you're talking....
LOL,
Don
Quote from DT3:
Kind of a pointless comparison. Besides for the fact that <1% of poker players ever play those stakes a lot of those are pros that file as professional gamblers so they can write off losses, travel and lodging expenses, and buyins
Of course, I understand. We have always declared our gambling winnings, deducting losses of course, since the 70's. The reporting requirements are more entrenched in the casino's of course. And, besides, poker is mainly for fun, at least for us...... hmm, maybe just for me, my brother makes tons, LOL.... Maybe I'll stick with blackjack, LOL.
All the best guys, check in if you come to Vegas...
Don
Quote from DT3:
Not sure where Don is getting the 45% figure from. It's 25% on tournament winnings over 5k. For cash games you are obligated to file under other income on your 1040.
The poker boom is clearly over though and you if you want to make more then 50k a year you have to put in some serious hours at a casino. Games are much tougher now and a lot of players hit a wall as they move up in stakes. Trading is more scalable but is 10x harder to learn.
its seems like a true theorem that "booms are for amateurs" for a few reasons:
I think trading and poker are equal difficultly to become proficienct profressionally. Much lower barriers to poker playing, and no licensing required. In general you can hide your income much better in poker, but we know none of us would ever think of doing that...right?
Except for that 45% figure Don states. However, its not unlike playing high denomination video poker, at the $10.00 per coin level where every AAAA on, say, bonus poker you have to stop and wait for the w2G. They don't take your money out for taxes but it is an official record of income to uncle IRS.
these people are the last to the table
only people who want to get good focus on skill development and not the industry environment at the time.
if your skill development gets to a good enough level you can pay your bills with it and that would be the professional, imho.
booms when over, separate the amateurs from the pros:
stock trading, real estate speculation, poker playing, tulip growing, tickle me elmo collecting, we could go on and on. booms are for the masses, the bandwagoners to get exposure, to carry through the booms you have to have the passion for it, imho.
Not quite 45% unless you pay State taxes. 39% plus the 3.6% "add on" healthcare taxes. Just sayin'....
Don
Don
Quote from pairsarbtooo:
its seems like a true theorem that "booms are for amateurs" for a few reasons:
I think trading and poker are equal difficultly to become proficienct profressionally. Much lower barriers to poker playing, and no licensing required. In general you can hide your income much better in poker, but we know none of us would ever think of doing that...right?
Except for that 45% figure Don states. However, its not unlike playing high denomination video poker, at the $10.00 per coin level where every AAAA on, say, bonus poker you have to stop and wait for the w2G. They don't take your money out for taxes but it is an official record of income to uncle IRS.
these people are the last to the table
only people who want to get good focus on skill development and not the industry environment at the time.
if your skill development gets to a good enough level you can pay your bills with it and that would be the professional, imho.
booms when over, separate the amateurs from the pros:
stock trading, real estate speculation, poker playing, tulip growing, tickle me elmo collecting, we could go on and on. booms are for the masses, the bandwagoners to get exposure, to carry through the booms you have to have the passion for it, imho.
I agree with what you're saying. Recalling the "boom" years "daytrading" - where everyone wanted to be, or thought they were, a "trader." Back then we preached "Leave it to the Professionals" - and that trading for a living is not a great idea for the general public. Of course, we have been proven right, time and again.
So, unless you have a passion, as many do, trading is likely not for you.
All the best,
Don