True Life: IMA Pro Poker Player - Page 10 - Live Low-stakes No Limit Poker Forum

I'm starting to think that none of you fellas have to pay rent in NYC/DC/SF.

$4500/month sounds high, sure. But I used to pay $2000/month for a studio apartment in Brooklyn. Throw cable, utilities, car insurance, and health care on top of that and the numbers add up quick.

(though the point still stands that, no, I couldn't reliably cover that with poker every month.)

Come to Sydney and 4500 a month post tax is probably average wage and would be very hard to live on, unless you're single with no dependants

On the plus side, poker winnings aren't taxable

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09-01-2015 , 01:42 AM

#227

kekeeke

old hand

Join Date: Apr 2011 Posts: 1,306

Wow rent is insane for you guys, I pay 600 cash + 50bucks for internet and it tilts me because I would rather invest that 600 into a duplex/house. 1k+ is just sick, how the hell do you guys do it?
.

Last edited by kekeeke; 09-01-2015 at 01:48 AM.

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09-01-2015 , 01:52 AM

#228

feel wrath

The Situation

Join Date: Nov 2010 Posts: 30,105

There are plenty of times when renting is cheaper in the medium and long term than buying/paying a mortgage

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09-01-2015 , 02:07 PM

#229

johnny_on_the_spot

Carpal \'Tunnel

Join Date: Jun 2013 Posts: 11,631

Quote:

Originally Posted by sierradave

Quote:

Originally Posted by feel wrath

Come to Sydney and 4500 a month post tax is probably average wage and would be very hard to live on, unless you're single with no dependants

On the plus side, poker winnings aren't taxable

i stand by my assessment that if you have a 4500/month nut and you're playing 2/5 for a living, you may want to reevaluate some of your life choices that got you to that situation

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11-25-2015 , 11:44 PM

#230

ZuneIt

veteran

Join Date: Mar 2009 Posts: 2,160

Let's say you can grind out a modest $30 pr hr @ 2/5 playing 30 hrs per wk, 50 weeks a year. That's 45k a year.
Now, if you don't work & you claim all the income, that's ~$6750.00 in FICA alone.
The way I understand it, you don't have to pay FICA if poker isn't your primary source of income that you live on. You can claim it as "miscellaneous income" which is not subject to FICA taxes.

So, if you're an average grinder & unless you're going to fudge your win numbers, wouldn't you be better off holding down a job? At least part-time.

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11-26-2015 , 09:17 AM

#231

venice10

Referee

Join Date: Nov 2007 Posts: 25,882

Quote:

Originally Posted by ZuneIt

Many cash players hope to stay under the radar of the IRS and don't pay any taxes to make it through. The odds of getting caught are low, but once caught, nearly impossible to hide anything. You need to live essentially off the grid. They can figure out what you earned by what you spent. If anyone has your name and gave you a bill, they know you earned the money to pay it somehow.

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11-26-2015 , 08:18 PM

#232

ZuneIt

veteran

Join Date: Mar 2009 Posts: 2,160

Wouldn't it light up @ the IRS if you go back to workin' after 5 years & file after having not done so for the last 5 years?

If you were sharing an apt with your buddy, you could even get married to take advantage of that tax break. Just keep it on the down low.

You could claim, say 22k of income each. Or maybe even less.

You can always quietly file for divorce should one of you end up engaged with a woman.

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11-27-2015 , 12:08 AM

#233

bwslim69

I'm a Diva, Bruh

Join Date: Oct 2009 Posts: 24,935

Quote:

Originally Posted by ZuneIt

You could claim, say 22k of income each. Or maybe even less.

You can always quietly file for divorce should one of you end up engaged with a woman.

I don't really understand what you are asking but it's certainly possible someone could not need to file (ie not meet the filing requirement) for a number of years and then have to file after getting a job or whatever

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11-27-2015 , 12:40 AM

#234

ZuneIt

veteran

Join Date: Mar 2009 Posts: 2,160

I was thinking you stop filing at 24 yrs of age, then start again at 29. IRS stops by [for an audit] and asks what you've been up to for the last 5 years.

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11-27-2015 , 12:44 AM

#235

bwslim69

I'm a Diva, Bruh

Join Date: Oct 2009 Posts: 24,935

No not at all. If you don't meet the filing requirement you don't have to file. period

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11-27-2015 , 12:51 AM

#236

ZuneIt

veteran

Join Date: Mar 2009 Posts: 2,160

So, you're saying I could get a job @ Wal-Mart stockin' shelves 20hrs a week, go on welfare & get subsidized housing & food stamps, play poker & get away with it?!

I'm not likin' the system much!

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11-27-2015 , 04:55 AM

#237

bwslim69

I'm a Diva, Bruh

Join Date: Oct 2009 Posts: 24,935

Ur kinda all over the place. Not sure if ur scenario but if you don't meet the irs filing requirement in your scenario then yea don't need to file. Obv if that means it not reporting gambling winnings, well obv the irs doesn't approve

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11-30-2015 , 11:09 PM

#238

johnny_on_the_spot

Carpal \'Tunnel

Join Date: Jun 2013 Posts: 11,631

Quote:

Originally Posted by ZuneIt

So, you're saying I could get a job @ Wal-Mart stockin' shelves 20hrs a week, go on welfare & get subsidized housing & food stamps, play poker & get away with it?!

I'm not likin' the system much!

You'd probably have to file in your scenario. The threshold for not filing is pretty low, like 5k or something. Idk about food stamps and welfare but unemployment is taxable income for some odd reason so chances are food stamps and welfare are too but I'm not a CPA

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11-30-2015 , 11:13 PM

#239

bwslim69

I'm a Diva, Bruh

Join Date: Oct 2009 Posts: 24,935

Quote:

Originally Posted by johnny_on_the_spot

Food stamps and welfare not taxable.

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12-01-2015 , 12:31 AM

#240

eldiesel

Pooh-Bah

Join Date: Oct 2009 Posts: 3,585

Quote:

Originally Posted by johnny_on_the_spot

You'd probably have to file in your scenario. The threshold for not filing is pretty low, like 5k or something. Idk about food stamps and welfare but unemployment is taxable income for some odd reason so chances are food stamps and welfare are too but I'm not a CPA

gross or net?

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12-01-2015 , 11:50 AM

#241

bwslim69

I'm a Diva, Bruh

Join Date: Oct 2009 Posts: 24,935

Quote:

Originally Posted by eldiesel

gross or net?

For a single person it's more like 8k of AGI (roughly). However if you are a professional the threshold is quite a bit lower (over $600 net is subject to SE tax)

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12-01-2015 , 01:38 PM

#242

ZuneIt

veteran

Join Date: Mar 2009 Posts: 2,160

So I would think a pro, filing as same, would have to claim no more than 1/2 of his total winnings. Otherwise, how do you overcome the ~15% SE tax b4 even considering federal & state taxes? That's a helluva' rake!

I think claiming 50% would be right in line with what a server claims.

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12-01-2015 , 02:50 PM

#243

iraisetoomuch

banned

Join Date: Aug 2013 Posts: 37,568

Quote:

Originally Posted by ZuneIt

I think claiming 50% would be right in line with what a server claims.

lol at most servers claiming 50% of their tips.
At least not at the restaurants I worked at.

(1 National Chain, 2 State Chains, 1 Local)

Generally credit card tips, 8%, or enough to make minimum wage for the day.
Whichever one was higher.

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12-01-2015 , 02:58 PM

#244

ZuneIt

veteran

Join Date: Mar 2009 Posts: 2,160

Cool! Then nothing wrong with a poker player claiming an hourly rate of $9.00

So long as he can explain that 2015 Acura in his garage.

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12-01-2015 , 03:02 PM

#245

bip!

Slow Pony

Join Date: Oct 2012 Posts: 14,212

Car port at best

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12-01-2015 , 03:03 PM

#246

ZuneIt

veteran

Join Date: Mar 2009 Posts: 2,160

Quote:

Originally Posted by bip!

Car port at best

You must live in Florida or one of those other hot states?

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12-01-2015 , 03:12 PM

#247

gobbledygeek

Poet Laureate of LLSNL

Join Date: Jul 2006 Posts: 36,224

Quote:

Originally Posted by ZuneIt

Cool! Then nothing wrong with a poker player claiming an hourly rate of $9.00

Why would I purposely declare a 2015 winrate 1/2 bigger than it actually is?

Gsad,buttrue;luckilythegamboolain'ttaxeduphereG

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12-01-2015 , 10:33 PM

#248

ZuneIt

veteran

Join Date: Mar 2009 Posts: 2,160

God bless you for hangin' in there, workin' to break that $10 pr hour ceiling!

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12-01-2015 , 10:46 PM

#249

zoltan

Carpal \'Tunnel

Join Date: Jul 2007 Posts: 21,493

Quote:

Originally Posted by bwslim69

Food stamps and welfare not taxable.

Gfy commie.

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12-01-2015 , 11:23 PM

#250

bigmuff

centurion

Join Date: May 2012 Posts: 108

A couple of questions:

I have read stories where the IRS can seize bank accounts when it suspects structuring is going on. As a rec player, is it okay to deposit $1k here and there?

Also as a rec player, am I able to deduct poker losses against poker wins?

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