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Server Time: 10/11/2008 1:08:51 PM PACIFIC |
 Starting out, Jojo, 31. Oct 2003 13:29 | ||
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| I am extremely new to playing poker for money. I got my a$$ handed to me my first 2 weeks but since then I haven't had a losing day for the last 2 weeks. I average between 75-150 dollars won a night playing 5 and the occasional 10 dollar tourney online. My question is: When should I consider moving up, say, to the 10 dollar tourneys everytime or possibly higher? Also, is the skill level much increased if I broke away from 10 and went up to, say, 30? Btw-I still have a small bankroll, im currently at 1000 from starting with 50 bucks. | ||
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| Re: Starting out, Bart Mann, 31. Oct 2003 13:49 | ||
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| I noticed this post when I was writing the one just above. Are you saying you AVERAGE between $75 and $150 a night playing $5 SNGs? If you were placing first every single time, you'd have to outright win between four and seven tournaments a night with no losses (assuming a $5 buy-in) to make that kind of money. And after only two weeks of money play? If this is the case then you don't need our advice--we need yours. If you have the means, please start a poker school within 30 minutes of Minneapolis, and hold classes at night so I can attend when I finish working my day job. | ||
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| Re: Starting out, Jojo, 31. Oct 2003 13:57 | ||
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| My main question is when is it appropriate to move up, regardless of win percentage. I play a lot to win that money, I play 2 tables at a time X almost 8 hrs a day now (I quickly turned into a junkie), so its probably close to 24 games a day or so? If you don't believe me, you can look at my email inbox which is flooded now with "Congrats" emails from partypoker, anyway to disable that? But, again, I'm just wondering when I should take on higher games and is it a lot tougher at the higher tables because people at the 5 dollar table will call anything. Someone called my all-in yesterday with 2 7 os. Heh, he won because 2 2 7 came out on flop. But, there is probably a 100 times where people made bad all-in calls and I was wondering if they do that ever at bigger tables? Thanks P.S- This site is great! | ||
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| Re: Starting out, Bart Mann, 31. Oct 2003 14:11 | ||
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| At $150 tax-free dollars a night, you're making almost $40,000 tax free dollars per year--assuming you treat online poker like a job and only work (play) 5 days a week. That's roughly the equivalnet of a $60,000 per year job after taxes. If it ain't broke, don't fix it. Quit your day job and stay at the $5 limit. | ||
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| Re: Starting out, Jojo, 31. Oct 2003 14:17 | ||
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| I don't have to pay taxes on this? | ||
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| Re: Starting out, Bart Mann, 31. Oct 2003 14:29 | ||
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| If you walk into a B&M poker room and win $500 at the $10/$20 table, they don't hand you an IRS-1099 form on the way out the door. I can only assume the situation is the same with online poker. But as a casual online player who never wins, has never cashed out and sticks exclusively to the play money games (IRS please take note), I guess I really wouldn't know . . . | ||
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| Re: Starting out, Schuster, 31. Oct 2003 14:36 | ||
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| You are supposed to report it on your taxes. Lee | ||
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| Re: Starting out, Mike812, 3. Nov 2003 10:07 | ||
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| I used to work as a tax preparer (worse internship ever) you ARE supposed to report it to the IRS. But, its just like a waitress that earns tips. They only report whats on the W-2 but then again it is a lot harder to prove that shes hiding tips. I have never done a tax return where a guy was like "I won $500 gambling" or anything of that sort. I would probably have to say you are safe if you dont report it. But, if you do get audited and they see that you cash out $500 a week from Partypoker on your bank statement. Your ****ED. | ||
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