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Server Time: 12/1/2008 4:10:53 PM PACIFIC |
 Question to pros-various topics, palman, 29. Nov 2003 23:36 | ||
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| I'm currently making enough money and over a long enough period of time to make a healthy living playing poker full time. However, that is simply online and through the 1 table tournaments. I'm just about to take the CPA exam and plan on working in an accounting firm for a few years to help my resume, and if poker doesn't work out afterwards, it is quite easy to get back into the field after I have some experience. However, a few questions about becoming pro I'm still quite puzzled with. 1) How does one who makes their living through poker accomplish things such as getting a mortgage. I would imagine this would be tough to do. 2) Being a business/ accounting student I do understand a great deal about the law involving reporting of income. However, as johnny chan said in an interview "who ever heard of a professional gambler who pays taxes." How do most professionals deal with the question of to declare or not to declare. The liklihood of an audit depends on income made. However I find it hard to fathom one could have a house and obviously a large share of income without declaring some of it and never hear about it from the government. | ||
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| Re: Question to pros-various topics, JJSCOTT2, 30. Nov 2003 03:30 | ||
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| Great question, I have wondered this for a long time myself, unfortunately, I am not a pro and do not have an answer for you, but I'd love to see one. | ||
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| Re: Question to pros-various topics, Chris W, 1. Dec 2003 17:53 | ||
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| one solution to the taxes question would be to move to Canada where gambling income isn't taxed at all. This is your best bet if you play almost exclusively on line. I did some calculations and if you manage to make $60,000 at poker you would save almost $25,000 in taxes ! but you have to be able to deal with the cold weather and crappy TV sports channels ... I miss ESPN so much lol | ||
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| Re: Question to pros-various topics, JJSCOTT2, 2. Dec 2003 02:45 | ||
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| They don't have sattelite in Canada? | ||
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| Re: Question to pros-various topics, Chris W, 3. Dec 2003 16:06 | ||
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| We have satellite but our government doesn't allow us to access certain stations because they compete with our crappy Canadian stations. We have some very Draconian laws that don't make a lot of sense ... | ||
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| Re: Question to pros-various topics, Barry T, 2. Dec 2003 02:47 | ||
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| Hi. Getting a mortgage is pretty easy. You show your tax returns and they show your income from gambling, since you list your profession as professional gambler. If your income is sufficient to make you a good risk, you get a loan. I just refinanced and the gaming income from my tax returns was all the evidence I needed. Here is a secret: obey the law. Just like people who cross at corsswalks and refuse to shoplift, paying your taxes on your income is a law. You know that, but your post implies that you plan to hide your income from the IRS, thus making sure your fellow citizens pay your share of taxes as well as their own. I pay social security and medicare as well, though I wish I did not have to. As a result, I can walk around like a regular person, adding money to my Keogh and decucting my poker trips. The hard part is getting health insurance. I took care of that before I turned pro. I was my priimary goal for continuing to work for a large corporation. I have no idea how many people feel like Chan (if that is really how he feels), but I do know gamblers who pay their taxes. BarryT | ||
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| Re: Question to pros-various topics, palman, 2. Dec 2003 12:37 | ||
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| I actually re-read the chan article after making this post, because I remembered something similar to what he said, but wanted to make sure of his accuracy. When he was audited back in the 80's he simply asked the guy "how many proffesional gamblers do you know that pay taxes?" The article implied that he did not have problems with the IRS afterwards. He also said that the "government loves him" as in he pays taxes on the tournament winnings "since everyone knows about them" but it also implied that he did not through side games. | ||
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| Re: Question to pros-various topics, Roy Cooke, 9. Dec 2003 14:32 | ||
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| My answers will be underneath the questions. Roy Cooke on 29. Nov 2003 23:36 palman wrote: > I'm currently making enough money and over a long enough period of time to make > a healthy living playing poker full time. However, that is simply online and > through the 1 table tournaments. I'm just about to take the CPA exam and plan > on working in an accounting firm for a few years to help my resume, and if poker > doesn't work out afterwards, it is quite easy to get back into the field after I > have some experience. Roy Says: This has been a phenomenal year for playing poker...All years might not be as lucrative as this one...I think you should do accounting AND pursue poker....This will hurt each of those pursuits somewhat, but will not trap you in a gambling lifestyle if things don't work out as planned ( Most fail at poker and that is a BIG understatement). > > However, a few questions about becoming pro I'm still quite puzzled with. > > 1) How does one who makes their living through poker accomplish things such as > getting a mortgage. I would imagine this would be tough to do. Roy Says: Mortgages are more difficult as a pro gambler....The Interest rate is higher, but it is doable.... > > 2) Being a business/ accounting student I do understand a great deal about > the law involving reporting of income. However, as Johnny chan said in an > interview "who ever heard of a professional gambler who pays taxes." How do > most professionals deal with the question of to declare or not to declare. The > liklihood of an audit depends on income made. However I find it hard to fathom > one could have a house and obviously a large share of income without declaring > some of it and never hear about it from the government. Roy Says: Pay your taxes...Getting trapped in a undeclared lifestyle has more consequences than most people realize....As a general rule the ability to invest, get cheaper loans ect.... will pay back the taxes you give up......By the way, Johnny Chan and I used the same Tax attorney, so he might not be practicing what he preaches! | ||
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