[Ender]

So after giving blood today in Citrus Heights, I decided to head over to play some cards at Derby. Quickly got onto a 4/8 while waiting for the NL. Played a bit, went outside to answer my phone, get back and see that the button has passed me. crap ok, ill post the $4. Guy to my right raises, I fold my 42o. Guy to my left calls. Everyone else folds.

Flop: 10 9 10. Lots of betting and raising
Turn: 9 More betting
River: blank. Bet, raise, raise, raise, etc.

Player 5: 10 10
Player 7: 9 9!!!!!

Wow did our table go apeshit! 99 Got about $30,000, other gets $15,000. Rest at our table gets $3,200 each! All Hold em players at tables got $250 in chips. Not bad for posting my blind. Good thing I did, too, otherwise it wouldn't have happened (or maybe it would have, based on certain philosophical views)

Anyway, Derby will be cutting me a nice check this week. Kickass. Stupid IRS.

 

[shiz]

holy shit thats amazing! :shock:

 

[Hagar]

Sweet.

Well played......

 

[Pablo Sanchez]

The moral of David's story is that you should play poker 24 hours a day 7 days a week, so that you can be sure not to miss your $3,200 piece of a big F'in jackpot....

 

[Hagar]

I swear that jackpot is mocking me. I think I've either been in the room or known someone who hit a piece of it the last 5 times Derby hit a jackpot.

I walked in the room about 30 seconds after the big one hit a couple months ago.

 

[Ender]

Sweet.

Well played......

Lol... yes, I played it so well. My superior telepathy told me to post the $4 to win $3200. Lol. Actually, the blinds are so affordable there, I don't mind paying $4 for essentially 1 less hand until the blinds hit me again.

The moral of David's story is that you should play poker 24 hours a day 7 days a week, so that you can be sure not to miss your $3,200 piece of a big F'in jackpot....

Hmm... not a bad idea, James. Crap, what am I doing in front of this computer??? I should be out playing!



Snacks are on me next BYOC game. Let me know what food/drink/booze of choice I should bring!

 

[Quads]

Keep records.
Fuck the IRS.
All you have to do is show that you have $3,200 in losses through the year and that "income" becomes a wash. ie, yes, I won $3,200 in one session, but I lost $3,000 in 20 other sessions, so effectively, I have only taken in $200 of taxable income.

Keep records.

 

[Stockton_Dave]

The question is what "records" are acceptable in the event of an audit. I don't think "lost $500 at NL' scribbled on a napkin is good enough. Never gotten a receipt yet for chips I've bought and lost. What about a cancelled check? I know go to the nearest place that sells lotto tickets and dig through the trash for all the losing tickets/scratchoffs. ("no really I did play 1,500 scratchers that day sir...")

I would think unless you declare your job as a "professional gambler" and thus are self employed that losses from casual gambling are harder to prove. But what do I know, I've never had the (mis)fortune of winning a jackpot.

 

[partykid707]

I am not to sure if keeping records of your gambling losses will prevent the irs from giving it to you up the ass. first of all if you are keeping records you have to record how much you won also. i know when it comes to lotto tickets anything over 499 you have to pick up from the lotto office so they can tax you. I doubt if you bring in $500 worth of losing scratchers it would change anything with the IRS.

 

[Hagar]

Disclaimer: I have no first hand knowledge of the following hear-say. Check with your tax accountant to verify this.....

I've seen discussions on the tax topic on the 2+2 forums. The consensus there seemed to be this:

Keep a thourough log of your gambling habits. Keep each session seperate with as much detail as possible. Include: Where, When, What, How Long and Net loss $, net win $ for each session. (The Where, When and Net are the critical items.)

Come tax time add the net win and net loss columns. You need to enter the net wins as income and the net losses (up to amount won) on your itemized deductions sheet.

If you have a complete and thourough log that includes wins and losses, it should be accepted as proof of your net gambling proceeds. I doubt that producing in a log that shows that you only won $3 every year would fly very long, so you need to be prepared to pay taxes on your gambling winnngs once in a while if you're going to play the tax write off game.

 

[shiz]

Many years ago my dad and his buddys at work won the lottery (a pretty decent sum too.) One of my dad's friends does the tax write off on his lottery check by declaring gambling losses. Everytime he goes up to reno he cashes a check in the casino for like $5k-10k. He doesn't spend anywhere near that amount but he uses the check as "proof" of gambling losses (stating he lost the whole amount.) He'll do that a couple of times a year until his entire lottery check is covered. Obviously this isn't the most honest way of doing things but it works for him. The taxes taken out of lottery checks are outragous, its almost 40%. :shock:

 

[Quads]

echo hagar.
I keep a detailed excel sheet of each session I play. In the check memo I write "poker".
My log tracks: Date, Location, Time, Earnings/Hour, Limit, End, Time Played, Win/Loss Amount
I also keep canceled checks where I cash a check to get monay at the casino if there isn't an ATM.
I'll keep ATM receipts when I get monay from the machine for a session.

Most higher buy in tourneys will provide you a receipt for your buy in.
If I don't get one, I make one for my records to keep track with.
Titled: Receipt not provided. Tourney buy in, date, time, location, amount, etc.


[/code]

 

[Ender]

thanks for the input, guys. i keep a full record of all my playing sessions on an excel sheet, recording date, length of session, place, game type, buy in, and cash out, as well as net for the session. i probably should keep atm slips, but i havent done that yet.

another thing to think about is that come fall ill be a student that makes little money. as it is, i dont make much at all, so i dont really fear an IRS audit. they have bigger fish to fry, so to speak.

 

[Quads]

I'm a small fish in thier bucket of taxes and we have been meeting anually for the past 7 years.