[AMARTIN1181 Is not a girl]

 

Originally Posted by Realbigfish4

as always youre one grumpy cunt... the guys giving sound advice

YEAH WELL UR PHOTO SHOP FUCKING SUCKED

[I Fold]

So Siiiiick!!! What a run. Keep a lil of it aside, its one of my biggest regrets in life that I wasnt smart enough to hold a fraction of poker money when I binked.

q:

If he got a w-2 for 11K, why on earth would he pay taxes for 21K?

[sacaniga fake machinist]

Hell yeah just woke up, read this thread before I even got out of bed. Congrats

[Admiral]

 

Originally Posted by I Fold

So Siiiiick!!! What a run. Keep a lil of it aside, its one of my biggest regrets in life that I wasnt smart enough to hold a fraction of poker money when I binked.

q:

If he got a w-2 for 11K, why on earth would he pay taxes for 21K?

Sigh...

[Z-Fresh]

 

Originally Posted by sacaniga

Hell yeah just woke up, read this thread before I even got out of bed. Congrats

The second my alarm went off this morning I snap checked this thread on my phone to see how he did.

Jay's score means the internet wins.

[quietwinner]

like a few have mentioned, make sure you have records of your losses. ie. keep all tourney reciepts, as you can claim losses against your win. any bets you make keep all losing tickets. don't worry about claiming cash game winnings or degen winnings, but def try and keep all your losing items, by this point you shoulld already have 1-2k. you can also deduct hotel rooms, food, cabs, entertainment

but yea screw setting it aside for taxman, run it up to 6 figs, worry about that shit later. just be smart in keeping track of losses and all your spending because its pretty easy to offset winnings if youre smart

oh and congrats. had a feeling youd make a run when i went to bed Edited By: quietwinner Jun 12th, 2012 at 05:42 PM

[LeftyMark Pee Wee's Big Adventure]

[Z-Fresh]

Can't Jay just pretend he didn't win a tournament and not pay taxes?

EDIT: HOLY SHIT LEFTY!! HAHAHAHAHHA Edited By: Z-Fresh Jun 12th, 2012 at 05:46 PM

[Phareal15]

 

Originally Posted by LeftyMark

QFEpicness

[EyeKnows]

 

Originally Posted by I Fold

If he got a w-2 for 11K, why on earth would he pay taxes for 21K?

because his income was $21K?

[I Fold]

Fucking Lefty- your a beast

[mdshack14]

THIS is how you take a shot. Keep up the run good Jaybone.

[Glo4m Confess to me]

loooool

[djg23]

 

Originally Posted by LeftyMark

probably the GOAT

[213]

lefty still coming out of this thread ahead

A+++++

[cream626]

 

Originally Posted by quietwinner

like a few have mentioned, make sure you have records of your losses. ie. keep all tourney reciepts, as you can claim losses against your win. any bets you make keep all losing tickets. don't worry about claiming cash game winnings or degen winnings, but def try and keep all your losing items, by this point you shoulld already have 1-2k. you can also deduct hotel rooms, food, cabs, entertainment

but yea screw setting it aside for taxman, run it up to 6 figs, worry about that shit later. just be smart in keeping track of losses and all your spending because its pretty easy to offset winnings if youre smart

oh and congrats. had a feeling youd make a run when i went to bed

Thought you could only claim losses if you file as a professional?

[Glo4m Confess to me]

 

Originally Posted by cream420

Thought you could only claim losses if you file as a professional?

pretty sure gambling is the only job he has right now...

[SevenCostanza]

 

Originally Posted by goofy2485

This shit was fun as fuck. I railed him from 60 players on down. He actually came up to me and asked me what his chop should be. I told him if they offer anything above 18k he should def take it. Their first offer was 21k+ lol snap fucking call. Then we spent the next 2 hours trying to find a place other than his shoe to put the fucking money. Was fucking surreal seeing Jay pull out 2 stacks of 10k. I barely even watched him play though cause I was too busy hitting on the floor and one of the tourney directors. Chatter and me wanted to hit up the strip club but Jay was pussing out. Was a fun night for sure though.

What were the other stacks at the time of the chop raping? When dealing with idiots the short stack always wins the chop.

 

Originally Posted by rayspizza

hey man, couple of things:

1) even if your W2 says 11, youre still supposed to pay 21.

2) Deposit over 10K, raise a red flag. like if some one claimed 11k, but deposited 20K it might make some suspicious during an audit.

3) most banks have safe deposit boxes for like $40/year.

This

 

Originally Posted by Jaybone2315

Sister: So you coming home this week now?

Me: lol Absolutely not

Haha, awesome.

 

Originally Posted by LeftyMark

And even awesomer.

Evertime I read the world "Grindier" I can't help but giggle.

[norcalonica]

Like a boss! Congrats jay pretty fkn epic

[rayspizza]

 

Originally Posted by cream420

Thought you could only claim losses if you file as a professional?

You can claim if you are a professional or itemize deductions. Travel expenses and other things mentioned are only for pros

[MeJahAndOmaha doesn't talk to roommates]

 

Originally Posted by rebelfd

I hope Jay reads this.

1.) set aside 8400 for the taxman. Like ray said you owe on the 21k.
2.) save your receipts!! you may be able to deduct gambling loses
3.) you're going to need help doing your taxes next year. Talk to your family and get in touch with an accountant ASAP.
4.) don't be a Mary J Blige. The IRS/State of PA will rock your world over a few k!!

Done with the buzz kill. party on.

Why is he going to owe 40% on it? Pretty sure it's taxed at Normal rates. 21k would put him in the 25% bracket, which means roughly $5k-$6k in taxes.

Jay. Don't go open a checking account and just plop $20k in cash in 1 deposit. It's a great way to get noticed by soul sucking gov't agencies that will jack up your life even if you aren't hiding anything. Better off to open an account with like $4k and put the rest in a safe or safe deposit box and make a few deposits into the bank account.

My advice would be to put away $10k. 6k for taxes and 4k to get back on your feet in jersey or SD if it comes to that. That leaves you with like $15k to tear shit up for the rest of the summer. Find a house full of degens or grinders to rent a room with week to week or month to month.

I may get called a hypocrite for this post but it's a big diff from giving sound advice about setting aside tax
monies and telling him to bank everything and go back to San Diego.

[coolhandkev]

 

Originally Posted by Realbigfish4

im awful with mspaint chops but this pretty much sums up OT for the last month of so

 

Originally Posted by LeftyMark

Lefty you could learn a thing or two from Realbigfish Edited By: coolhandkev Jun 12th, 2012 at 05:56 PM
Reason: for real tho maybe my favorite gif ever here wp

[that_pope la la la...I'm so sexy]

 

Originally Posted by I Fold

q:

If he got a w-2 for 11K, why on earth would he pay taxes for 21K?

Because someone who was receiving unemployment a month ago now randomly deposited 20k in a bank...

[that_pope la la la...I'm so sexy]

 

Originally Posted by MeJahAndOmaha

Why is he going to owe 40% on it? Pretty sure it's taxed at Normal rates. 21k would put him in the 25% bracket, which means roughly $5k-$6k in taxes.

Jay. Don't go open a checking account and just plop $20k in cash in 1 deposit. It's a great way to get noticed by soul sucking gov't agencies that will jack up your life even if you aren't hiding anything. Better off to open an account with like $4k and put the rest in a safe or safe deposit box and make a few deposits into the bank account.

My advice would be to put away $10k. 6k for taxes and 4k to get back on your feet in jersey or SD if it comes to that. That leaves you with like $15k to tear shit up for the rest of the summer. Find a house full of degens or grinders to rent a room with week to week or month to month.

I may get called a hypocrite for this post but it's a big diff from giving sound advice about setting aside tax
monies and telling him to bank everything and go back to San Diego.

Structuring FTW!!!

That's an even better way to get raped by the government.

Especially if his real name is easily associated with this very public thread.

[HK_MP5N]

Can we now work in a celebratory session with jr bacon?

[BamaHockey437]

congrats dude! such a sick thread.

[EyeKnows]

 

Originally Posted by cream420

Thought you could only claim losses if you file as a professional?

yeah, and why wouldn't he file as a pro?

[ripomatic]

 

Originally Posted by LeftyMark

LEEEEEEEEEEEFFFFTTTTYYYYYYYYYYYYYY

[B_O_K_E]

Enough with the advice. Its completely derailing the thread. Last thing we want to talk about is the government. Dafuck/


My advice: wear a condom, it prevents minivans. Edited By: B_O_K_E Jun 12th, 2012 at 06:06 PM

[dolphin13 OT Vice MVP]

 

Originally Posted by Xmas32

At least put enough aside for the taxes you'll owe. The rest...go crazy! Congrats!

Looooooooool. Like jaybone is gonna pay taxes. He's filing unemployment in Jersey while living in Cali. Not that there's anything wrong with it. F the gov. I just think its hilarious people think hell pay taxes