I don't keep track of hours but probably 150-180

Dealer tips only.

Poker Journal no longer wants to boot up on iOS7.

Anyway, here's October. Mostly 2/5 with some 1/2. Pressed on last day trying make it a $20k month and set a personal record for 2/5 (it was a nice run).

I'll work on getting final stats.

Nice one! How many hours was that?

Can't get to my data ATM, but it is somewhere around 120 hrs.

Hourly was at $155 entering Thursday, down to $133 by the end of the day. Whoops.

November starting off rather crappy. Guess I can't complain tho.

This doesn't make any sense to me for someone who actually tracks results

Why? I'm not chasing a number.

I think most people write/record:

Time started
Time finished
Cash in
Cash out
Amount of Rebuys


I'd check to see what the IRS requires of your records if they ever audit you. I'm sure with your run-good/play-good you'll be declaring a large chunk of winnings that might raise some eyebrows.

Why would you keep an immaculate and yet incomplete record?

I pay my taxes. Winnings get reported as gambling income. Don't know what hours played has to do with that.

They can request to see records of your gambling wins/loses.
There is some debate as to what exactly constitutes sufficient records.
I've heard that they need to be hand written, include every session, and include the parties involved in the bets. I'd want to make sure that they didn't want to see session hours before I stopped recording them.

I have a "real job" and don't declare as a professional gambler and take no deductions relating to it, so I doubt it. Not going to derail into a tax thread though. I'm sure the people asking about hours have great concern for my standing with the IRS. In any case, hourly doesn't matter to me. All that matters is what goes in the bank at the end of the day.

Hi! This has been undoubtedly answered here earlier but I thought I would ask!

For the most successful live players who kill the game/walk the tight rope successfully...

What is their win rate for 2/5?

And also because being I am in Colorado where the game is 2/5 100 (100 max raise) what would be the absolute best win rate someone could get there (I presume it be lower)?

Then for both what would you say is the lower "target" win rate that successful ABC TAG players can expect?

Don't make me drive over there....
Crushing it still, nice work. Or fish on a heater?

lol the IRS isn't going to ask how many hours you've played. You think BJ players keep track of their hours? How about slot-machine players?

where? I have lots of tax related questions. where do i ask this?

I think here is fine. Ima CPA ill respond

Our Poker Legislation forum has a lot of tax items and search is your friend.

Linky: Poker Legislation

I am not a CPA. I don't have any extensive knowledge of tax regulations. But I think that you are mistaken in stating "I don't take any deductions." Unless you are reporting all your winning sessions without reducing them by your losing sessions, you would be taking deductions for your losing sessions by offsetting the income from your winning sessions.

Like people have said those losses need to be substantiated to some degree in order to be available to offset your declared wins. Obviously, none of this ends up mattering 99% of the time when you don't get audited and asked to itemize records of what I assume you are declaring as a lump sum of gambling income. From what I understand if you get audited you would have to say this $50k in gambling income is from these events: 1) a 60k win and 2) a 10k loss. The 10k loss would be a deduction against the earlier gain event. Which without substantiation would be disallowed.

I think he's suggesting not necessarily that the number of hours played is important. Just that, for recording purposes, the time you played the session might be important for some kind of verification purposes. I have absolutely no idea what the IRS requires to substantiate losses, so I'm not sure how true that is. It seems unrealistic given the 0% chance that they would use that information to attempt to verify your losses.

Again, I am not an expert on this subject. I have no kind of professional license to give advice. I'm not even suggesting you follow my advice. Just that if you have substantial enough gambling income to protect, there is sufficient complexity to the tax code that it might be worth talking to some kind of expert about potential tax liability and what you can do to minimize exposure.

Jack,

In the scenario you describe; yes the 60k would be reported as other income on the front page of the 1040 and the 10k is an "Other Itemized Deduction" on Sch A (assuming not a pro player). You do not "net" these together.

I have been through several audits with pro poker players. All I can say is the more info the better; for sure: Place, Cash in to the game/caash out, date, stakes, etc. I don't think length of session would be a requirement but it obv wouldn't hurt.

Just hit 5k in profits. 95% 1/2 with a little 1/3 mixed in. Took one shot at 2/5 and lost $1,200 losing a $1,500 pot with AA to KK AIPF. 2/5 loss filtered out of the stats. Will take another shot soon. Live 1/2 players are so bad. If you play at Parx and want to be friends PM me.

10bb/hr is about as high as what possible to sustain long-term. With the 100 max bet rule, it will hinder winning players tremendously. I used to play a 200 max bet game, I didn't realize there was such a big difference until a played a lot of true nl in LV.

As far as a lower target, well if you are breakeven after rake you are already in the top 20-30% of the player pool, the vast majority lose. So winning anything consistently is a good sign, there are probably many more winners making 0-5bb/hr than 5-10bb/hr. Just play well and find the softest games.

since i started keeping good track of everything im at 10xbb/hr in the 100 spread game over 22 sessions over last 2.5 months. i was told in the CO thread this isnt sustainable. just wanted to check.

lol hand today at 2/4.. active youngish asian dude to my right won't fold to 3/4 bets. Playing 9 handed.

Fish $300
Swewy Asian $900
Hero $700

Fish raises EP to $20, S/A 3bets HJ to $50. Hero 4bet AA in CO to $170. S/A calls.

FLOP ($370): KQ3r

S/A snap donks $300 and starts analysing his phone. Hero ships $200 more and he calls with JJ. I guess he's committed here on this flop.

Any tips on a long breakeven stretch? I've played 1k hours of live poker in the last year and have been a winning player but have had a 150 hour (slightly negative) breakeven stretch.

Just not used to having my sessions go -200,+100,+20,+1,+20, etc. Any thoughts?