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Best place for a poker pro to live tax-wise?

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  1. mtrau686 mtrau686 is offline

    Springfield, MA
    United States

    Posts: 75
    Joined: Dec 07

    Aug 17th, 2008 (8/17/2008 5:57pm)

    Which state/country has the biggest tax benefits for a poker pro? Las Vegas?
     
  2. number1pen number1pen is offline

    Los Angeles, CA
    United States

    Posts: 3,884
    Joined: Feb 06

    Aug 17th, 2008 (8/17/2008 6:04pm) in reply to mtrau686

    not america
     
  3. threeven threeven is offline

    Tucson, AZ
    United States

    Posts: 18,612
    Joined: Feb 06

    Aug 17th, 2008 (8/17/2008 6:10pm) in reply to mtrau686

    New Zealand
    2
  4. marlow77 marlow77 is offline

    Halstead
    United Kingdom

    Posts: 166
    Joined: Sep 07

    Aug 17th, 2008 (8/17/2008 6:43pm) in reply to threeven

    My house
  5. TheMayor TheMayor is offline

    Boston, MA
    United States

    Posts: 4,699
    Joined: Jul 06

    Aug 17th, 2008 (8/17/2008 6:44pm) in reply to mtrau686

    no income tax in NH
  6. downbylaw11 downbylaw11 is offline

    Surrey
    Canada

    Posts: 4,773
    Joined: Jun 07

    Aug 17th, 2008 (8/17/2008 6:46pm) in reply to mtrau686

    camen islands
  7. Dyzalot Dyzalot is offline

    Candia, NH
    United States

    Posts: 14,473
    Joined: May 05

    Aug 17th, 2008 (8/17/2008 6:48pm) in reply to TheMayor

     
    Originally Posted by TheMayor View Post

    no income tax in NH

    No sales tax either.
     3
  8. MUPokerPlayer MUPokerPlayer is offline

    MO
    United States

    Posts: 17,488
    Joined: Feb 05

    Aug 17th, 2008 (8/17/2008 6:49pm) in reply to mtrau686

    Monaco.
  9. WANT A BUMP WANT A BUMP is offline

    Posts: 26
    Joined: Jul 08

    Aug 17th, 2008 (8/17/2008 7:01pm) in reply to mtrau686

    Stop being a nit. If ur making big money pay your damn taxes and stop trying to cheat the system.
  10. Willywoo Willywoo is offline

    Colorado Springs, CO
    United States

    Posts: 17,805
    Joined: Jan 06

    Aug 17th, 2008 (8/17/2008 7:08pm) in reply to WANT A BUMP

     
    Originally Posted by WANT A BUMP View Post

    Stop being a nit. If ur making big money pay your damn taxes and stop trying to cheat the system.

    Don't be a dick. There's a difference between tax avoidance and tax evasion. Choice of residence may just be good tax planning. Tax planning is probably more important for those making good money rather than big money depending on your definitions, since it is more likely to affect one's lifestyle . I don't think he ever said he was actually or even planning to "cheat the system".
  11. yjbrewer yjbrewer is offline

    Rapid City, SD
    United States

    Posts: 3,928
    Joined: Jan 07

    Aug 17th, 2008 (8/17/2008 7:09pm) in reply to WANT A BUMP

    Puerto Rico freeloading bastards!
  12. gershenator1 gershenator1 is offline

    United States

    Posts: 550
    Joined: Jan 08

    Aug 17th, 2008 (8/17/2008 7:24pm) in reply to yjbrewer

    Neveda and Texas have no income tax if that was your question those r good spots 4 u however if your looking for a place to really cut back I'd say yea if u have tons of money hard to beat Monte Carlo, Monaco imo.
     
  13. WANT A BUMP WANT A BUMP is offline

    Posts: 26
    Joined: Jul 08

    Aug 17th, 2008 (8/17/2008 7:32pm) in reply to Willywoo

     
    Originally Posted by Willywoo View Post

     
    Originally Posted by WANT A BUMP View Post

    Stop being a nit. If ur making big money pay your damn taxes and stop trying to cheat the system.

    Don't be a dick. There's a difference between tax avoidance and tax evasion. Choice of residence may just be good tax planning. Tax planning is probably more important for those making good money rather than big money depending on your definitions, since it is more likely to affect one's lifestyle . I don't think he ever said he was actually or even planning to "cheat the system".

    My comment may have come across as being a little prickish but that wasn't my intention. I'm just saying it's often more trouble in the long run trying to take short cuts with taxes. I'm no accountant but I know there are legal means to saving a little money on your tax bill.

    My main point is, if you're making enough money that u can simply decide to ditch your pad in Malibu and move to the Caymans to save a "little" money on your taxes, is it really worth it? That's all I'm saying.
  14. 8ROM 8ROM is offline

    Lymm
    United Kingdom

    Posts: 1,051
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    Aug 17th, 2008 (8/17/2008 7:33pm) in reply to gershenator1

    UK doesn't tax poker winnings as its classed as gambling lol. It amazes me how all these pros making 6 figures stay in the US when they could move to a ton of different countries and legally keep all of their winnings. America must be an awesome country!
  15. WANT A BUMP WANT A BUMP is offline

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    Joined: Jul 08

    Aug 17th, 2008 (8/17/2008 7:46pm) in reply to 8ROM

     
    Originally Posted by 8ROM View Post

    UK doesn't tax poker winnings as its classed as gambling lol. It amazes me how all these pros making 6 figures stay in the US when they could move to a ton of different countries and legally keep all of their winnings. America must be an awesome country!

    I could be wrong but it is my understanding that even if an American moved to London he/she would still have to pay American taxes as an American citizen.
  16. downbylaw11 downbylaw11 is offline

    Surrey
    Canada

    Posts: 4,773
    Joined: Jun 07

    Aug 17th, 2008 (8/17/2008 7:46pm) in reply to 8ROM

    well, arent americans who pay taxes on poker also able to write a lot of poker related costs off? i dont think you can really do this is countries where you dont pay tax on poker winnings
  17. mtrau686 mtrau686 is offline

    Springfield, MA
    United States

    Posts: 75
    Joined: Dec 07

    Aug 17th, 2008 (8/17/2008 7:54pm) in reply to mtrau686

    I guess Las Vegas would be the way to go with no income tax. Plus the benefit of all the nearby casinos. I'm not making HUGE scores just yet, but enough to be concerned about taxation on it.
     
    Thread Starter
  18. biron biron is offline

    Posts: 79
    Joined: Jun 08

    Aug 17th, 2008 (8/17/2008 8:28pm) in reply to Dyzalot

     
    Originally Posted by Dyzalot View Post

     
    Originally Posted by TheMayor View Post

    no income tax in NH

    No sales tax either.

    No stakes higher than $2/$2 limit poker either.
  19. tcstunna tcstunna is offline

    Posts: 1,822
    Joined: Apr 06

    Aug 17th, 2008 (8/17/2008 8:59pm) in reply to biron

    hong kong ftw. to taxes on gambling winnings.
    1
  20. Willywoo Willywoo is offline

    Colorado Springs, CO
    United States

    Posts: 17,805
    Joined: Jan 06

    Aug 17th, 2008 (8/17/2008 9:19pm) in reply to WANT A BUMP

     
    Originally Posted by WANT A BUMP View Post

     
    Originally Posted by Willywoo View Post

     
    Originally Posted by WANT A BUMP View Post

    Stop being a nit. If ur making big money pay your damn taxes and stop trying to cheat the system.

    Don't be a dick. There's a difference between tax avoidance and tax evasion. Choice of residence may just be good tax planning. Tax planning is probably more important for those making good money rather than big money depending on your definitions, since it is more likely to affect one's lifestyle . I don't think he ever said he was actually or even planning to "cheat the system".

    My comment may have come across as being a little prickish but that wasn't my intention. I'm just saying it's often more trouble in the long run trying to take short cuts with taxes. I'm no accountant but I know there are legal means to saving a little money on your tax bill.

    My main point is, if you're making enough money that u can simply decide to ditch your pad in Malibu and move to the Caymans to save a "little" money on your taxes, is it really worth it? That's all I'm saying.

    It might be very advantageous to move from Malibu to Vegas to save 9.3% of your taxable income.
  21. pharreal87 pharreal87 is offline

    Posts: 3,589
    Joined: Apr 08

    Aug 17th, 2008 (8/17/2008 11:16pm) in reply to Willywoo

     
    Originally Posted by Willywoo View Post

     
    Originally Posted by WANT A BUMP View Post

    Stop being a nit. If ur making big money pay your damn taxes and stop trying to cheat the system.

    Don't be a dick. There's a difference between tax avoidance and tax evasion. Choice of residence may just be good tax planning. Tax planning is probably more important for those making good money rather than big money depending on your definitions, since it is more likely to affect one's lifestyle . I don't think he ever said he was actually or even planning to "cheat the system".

    u tell him dude.
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