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Re:Where's my tax $$$$
Use the withholding calculator on the IRS site:
Posted in: Off Topic 		Chubby Funsta
Feb 24th, 2010
Re:Poker and money
Do taxes for poker players. :-)
Posted in: Poker Discussion 		Chubby Funsta
Feb 18th, 2010
Re:Phil Hellmuth, Cash Game Fish or Just Perpetual Runbads? *No spoilers yet*
change the thread title. You have spoilers in your OP.
Posted in: Poker Discussion 		Chubby Funsta
Dec 16th, 2009
Re:Online poker and paying taxes...
Yes, if you had income and/or might be entitled to a refund. This should be helpful. <------Also, check out the Tax Q&A.
Posted in: Poker Discussion 		Chubby Funsta
Nov 10th, 2009
Re:running it twice
Your expected value is the same - the rake is the same.
Posted in: Poker Discussion 		Chubby Funsta
Oct 16th, 2009
Re:IRS Form 90-22.1
Russ Fox put a pretty good list together here.
Posted in: Poker Discussion 		Chubby Funsta
Oct 15th, 2009
Re:IRS extends deadline for disclosing offshore accounts
The upcoming deadline is for 2008. You would file a separate form for 2009, and would do that by June 30th of next year.
Posted in: Poker Discussion 		Chubby Funsta
Oct 2nd, 2009
Re:IRS extends deadline for disclosing offshore accounts
You're confusing a few different tax concepts. Firstly, there are different rules for certain games, such as blackjack and roulette, so talking about casino chips in general doesn't work. As to poker money, and money in general, the IRS applies the constructive receipt doctrine which says that "you are generally taxed on income that is available to you, regardless of whether it is actually in your possession." The point being you incur a tax liability at the time you win the money - it doesn't matter if you leave it at the casino, you have received it from the IRS' ...
Posted in: Poker Discussion 		Chubby Funsta
Oct 1st, 2009
Re:IRS extends deadline for disclosing offshore accounts
Unfortunately, the taxpayer isn't the one who gets to interpret the Code and regs. Generally, yes. Let's hope the IRS agrees with you - I doubt they will. Don't know CPAEvil, and I'm not interested in getting your business - but she's not just making guesses at what could happen here
Posted in: Poker Discussion 		Chubby Funsta
Oct 1st, 2009
Re:IRS extends deadline for disclosing offshore accounts
So another reason that this has become a bigger issue *this* year is to do with the DOJ's pursuit of the Swiss bank UBS for (allegedly) helping US citizens evade taxes, and UBS subsequently agreeing to disclose the names of those citizens to avoid prosecution. Believing that these offshore poker sites are not going to ever disclose information about your account is putting a lot of faith in those institutions.
Posted in: Poker Discussion 		Chubby Funsta
Oct 1st, 2009
Re:IRS extends deadline for disclosing offshore accounts
So here's the deal: CPAEvil is correct that most tax practitioners (myself included) that have examined the issue are of the opinion that poker accounts fit within the IRS's view of what is a financial account for FBAR purposes, and that people should file this form as per the guidelines. To go into why people believe this now would take several pages of analysis, but it basically comes down to revisions that were made to the form in 2008, and statements made by the IRS that demonstrate (i) a broader definition of the IRS' view of what constitutes a US person and/or an interest ...
Posted in: Poker Discussion 		Chubby Funsta
Oct 1st, 2009
Re:IRS extends deadline for disclosing offshore accounts
As far as how a backing agreement would be taxed, she already addressed this in her Tax Q & A. The backing arrangement does not really effect the FBAR filing requirement. Since you have authority over the account, you are responsible for the filing - not your backer. Oh, and... IRS Circular 230 disclosure: Any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used , for the purpose of (i) avoiding penalties under the Internal Revenues Code or (ii) promoting, marketing or recommending to another party any transaction or matter ...
Posted in: Poker Discussion 		Chubby Funsta
Oct 1st, 2009
Re:IRS extends deadline for disclosing offshore accounts
What information are you missing'
Posted in: Poker Discussion 		Chubby Funsta
Sep 30th, 2009
Re:Are we supposed to claim rakeback in our taxes?
Your tax textbook is just a starting point for answering this type of question. You should not expect it to include all the nuances of the tax code, or to define every term - it would be a hell of a lot bigger if it did.
Posted in: Poker Discussion 		Chubby Funsta
Sep 16th, 2009
Re:Full Tilt Poker: Add Bad Beat Jackpot
Nosign
Posted in: Poker Discussion 		Chubby Funsta
Sep 11th, 2009
Re:? Regulations for taxes on poker winnings
Not sure what you're asking exactly, but estimated taxes on income that isn't subject to withholding is usually due quarterly to avoid any penalties. Check out Publication 505 from the IRS, and talk to a tax professional about your specific circumstances.
Posted in: Poker Discussion 		Chubby Funsta
Sep 3rd, 2009
Re:PPA related tax theory question.
Like I said, talk to whoever is doing your taxes about your specific circumstances, but that was basically the rule for the 2008 federal income tax year (take a look at Schedule A or C of the 1040 for more info.
Posted in: Poker Discussion 		Chubby Funsta
Sep 2nd, 2009
Re:PPA related tax theory question.
This is not usually true. Also, the foreign earnings tax exclusion does not include gambling income. As to the rest of your post, you do need to keep records of your winning and losing sessions in order to do your taxes properly, whether live or online. You do not automatically have to submit these records, unless you are audited by the IRS. Talk to a tax pro about your specific circumstances though.
Posted in: Poker Discussion 		Chubby Funsta
Aug 31st, 2009
Re:how much money are you gonna leave in your accounts come december?
You still are liable for the remaining amount, and you still file your taxes accordingly. It's fairly common for people to work out installment plans and other payment options with the IRS.
Posted in: Poker Discussion 		Chubby Funsta
Aug 27th, 2009
Re:how much money are you gonna leave in your accounts come december?
Just to clarify, there are two very separate issues being discussed here: 1) The federal income tax issue was summarized pretty accurately by Jennifear and DTools. You declare your winning sessions as income and can in many instances deduct your losses as either business expenses or gambling losses. You do not initially net your wins and losses. Talk to a tax professional if you are confused about your specific circumstances, and for state-specific information. 2) The bank regulation issue that MattieG and OP refer to I cannot comment on, except to say that it should not affect your tax ...
Posted in: Poker Discussion 		Chubby Funsta
Aug 27th, 2009
Re:Croll103 is a slimy slowrolling scumbag
Uh, you might want to see a doctor if this is true
Posted in: Off Topic 		Chubby Funsta
Aug 10th, 2009
Re:How many people actually use HUDs and software like Holdem Manager
I don't use them for this reason. I also close my eyes when I play live so that I don't have an advantage over blind players.
Posted in: Poker Discussion 		Chubby Funsta
Aug 10th, 2009
Re:Does Phil Ivey ever play on Pokerstars?
Somebody please check if there is any record of TJmullen playing on Stars at the times when Phil Ivey was definitely playing at some of the WSOP events.
Posted in: Poker Discussion 		Chubby Funsta
Aug 3rd, 2009
Re:FTP Biggest Bonus Ever
I doubt it correlates to low volume. I got $100 and I play 90% on Stars because I get no rakeback on FTP. I'll play on FTP a couple of hours a week at most.
Posted in: Poker Discussion 		Chubby Funsta
Jul 30th, 2009
Re:Fulltilt 5x points promotion
Works out to about 14% rakeback... still not worth it for me to switch from Stars @ Gold VIP level (I don't have the 27% rakeback on Tilt).
Posted in: Poker Discussion 		Chubby Funsta
Jul 14th, 2009
Re:S&G's various buy ins VS Cash games
It actually sounds like you need to move down a few levels, not up
Posted in: Poker Discussion 		Chubby Funsta
Jul 3rd, 2009
Re:2.5x or 2.2x in late stages?
I am so confident in my post-flop play that I have been gradually reducing the size of my standard raise from 3x to 2.5x, to the point where, now, my standard raise is a fold. Eventually, I hope to take other peoples chips out of the pot preflop as my "raise".
Posted in: Poker Discussion 		Chubby Funsta
Jul 1st, 2009
Re:Why I don't want the government to regulate poker
No - this is not how non-professional gambling income is taxed in the U.S. currently. You are subject to tax whenever you win - not only if you make a profit on the year.
Posted in: Poker Legislation 		Chubby Funsta
Apr 22nd, 2009
Re:Online Poker Accountants in Chicago?
Next year, when I am authorized to e-file, I will help all of you degenerates.
Posted in: Poker Discussion 		Chubby Funsta
Mar 31st, 2009
Re:PAD this week
well, I'm glad her ass is offscreen then.
Posted in: Poker Discussion 		Chubby Funsta
Mar 26th, 2009