[OFFICIAL] Winrates, bankrolls, and finances - Page 252 - Live Low-stakes No Limit Poker Forum

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[OFFICIAL] Winrates, bankrolls, and finances

View Poll Results: What is your Win Rate in terms of BB per Housr

Less than 0 (losing)

5 6.41%

0-2.5

0 0%

2.5-5

6 7.69%

5-7.5

8 10.26%

7.5-10

15 19.23%

10+

26 33.33%

Not enough sample size/I don't know

18 23.08%

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02-03-2014 , 04:24 AM

#6276

ECGrinder

old hand

Join Date: Oct 2013 Posts: 1,204

Quote:

Originally Posted by 11t

Use turbo tax and say you want to report gambling income, report all your winnings which makes agi lol high then deduct your losses.

It is a felony to not report income correctly and if you are depositing/withdrawing large sums of cash from the bank the government is watching you.

Haha, winnings and losses numbers would look ludicrous to a random tax worker.

Anybody here live straight out of deposit boxes stu unger style? How functionally can you survive using cash only and a tiny bank account for credit card specific purchases?

Quote

02-03-2014 , 07:01 AM

#6277

HappyLuckBox

old hand

Join Date: Feb 2013 Posts: 1,491

Quote:

Originally Posted by ECGrinder

Not a good idea imo, if you ever want to buy nice expensive things like a car or house.

Quote

02-03-2014 , 09:26 AM

#6278

11t

Bo Pelini's #1 Fan

Join Date: Jan 2005 Posts: 31,420

Yeah like you will still have to file taxes and the government isn't morons. Also if you make large cash purchases they can be reported to the irs. Furthermore you've posted your graph online and you can't put that tooth paste back in.

But as a professional poker player you can declare your net income as a business income and then deduct all travel expenses which is good but you need receipts.

Quote

02-03-2014 , 11:13 AM

#6279

Phatty

old hand

Join Date: Aug 2009 Posts: 1,913

One easy way to do your taxes right regarding poker and life in general is to just hire Russ Fox as he specializes in that. Or, you could do a little research and do it yourself. It's not rocket science, but it's also not particularly straightforward either imo. It's NOT just the sum of all your wins and losses for the year plus there's two different categories that are judgment calls I believe if you are a professional or amateur and one of those two can make your taxes better or worse.

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02-03-2014 , 11:34 AM

#6280

11t

Bo Pelini's #1 Fan

Join Date: Jan 2005 Posts: 31,420

If you file as an amateur you report the sum of your wins in one column and deduct the sum of your losses in another. You might be able to file as a professional if you have a day job but I would consult a professional.

Quote

02-03-2014 , 12:06 PM

#6281

Lapidator

LLSNL Frequent Flyer

Join Date: Apr 2012 Posts: 13,762

Quote:

Originally Posted by 11t

This is a great podcast, but the relevant part starts at about 26minutes in.

RadioLab Numbers

They talk about one aspect of how the IRS watches "numbers" in your reporting to see if your tax return looks weird enough to audit you.

Quote

02-03-2014 , 01:07 PM

#6282

gobbledygeek

Poet Laureate of LLSNL

Join Date: Jul 2006 Posts: 36,142

Quote:

Originally Posted by Ray Horton

Has anyone ever posted a losing graph in here over a statistically meaningful sample?

Doubt it, due to posting bias. Most long time posters in this forum tend to be long time winners, plus it's unlikely long time losers will pop into this forum/thread just to post their horrible graph.

GcluelessNLnoobG

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02-03-2014 , 01:09 PM

#6283

11t

Bo Pelini's #1 Fan

Join Date: Jan 2005 Posts: 31,420

I've posted some hideous graphs itt

Quote

02-03-2014 , 01:18 PM

#6284

Avaritia

Confirmed 2500 hour haver

Join Date: Feb 2013 Posts: 12,248

I have a really cool analysis that is months in the making called "Anatomy of a Downswing"

Will get to actually posting something meaningful in the next year or so.

But yea I would not give graphs/results of others much merit at all. For so many reasons.

Quote

02-03-2014 , 01:29 PM

#6285

Avaritia

Confirmed 2500 hour haver

Join Date: Feb 2013 Posts: 12,248

Also anyone who doesn't want to get anal raped by the US Goverment should probably follow 11t's advice.

Paying your taxes is very simple and straightforward via Turbo Tax.

Quote

02-03-2014 , 05:20 PM

#6286

serio562

Pooh-Bah

Join Date: Oct 2011 Posts: 3,543

All regs on here should post their biggest downswing.

Quote

02-03-2014 , 06:01 PM

#6287

bob_124

veteran

Join Date: Feb 2006 Posts: 2,297

Quote:

Originally Posted by Avaritia

i look forward to seeing this. Also, 2+2 needs to learn from you in a PG&C thread. Where is it? Where is it!!

Quote

02-03-2014 , 06:41 PM

#6288

nutinsider

journeyman

Join Date: Dec 2012 Posts: 342

Quote:

Originally Posted by ECGrinder

Its not safe to always carry lots of cash. I prefer to buy wal mart money cards. It acts just like a debit card. Its accepted everywhere. And its not linked to your personal checking. You can reload it at any wal mart and its way safer than a pocket full of cash. You set up a pin and you're done. I believe green dot is the bank issuing the card and visa/MasterCard is the brand.

Quote

02-03-2014 , 07:06 PM

#6289

Angrist

Pooh-Bah

Join Date: Sep 2011 Posts: 3,887

Quote:

Originally Posted by nutinsider

Are there fees associated with this?

Quote

02-03-2014 , 07:57 PM

#6290

NYCJOSH

adept

Join Date: Jun 2009 Posts: 1,003

Western union has lower fees, and is able to load at 7-11 I think. I havent used either as a "checking/ATM account"

Quote

02-03-2014 , 10:50 PM

#6291

nutinsider

journeyman

Join Date: Dec 2012 Posts: 342

Quote:

Originally Posted by Angrist

Are there fees associated with this?

No reload fees. And the monthly fee is waived if you deposit 500 per month. Which is really easy. I've used it for a while and haven't paid any fees. I don't know if there are ATM fees since I never use it at ATM. The initial fee to buy the card is 5 or 6 dollars.

Quote

02-04-2014 , 01:00 AM

#6292

HappyLuckBox

old hand

Join Date: Feb 2013 Posts: 1,491

Quote:

Originally Posted by Avaritia

When i first started my poker journal i was a very bad player with a poor mindset and a ton of leaks. I lost alot of money, and then i took some time off to really work on my game off the tables.

Im now beating the game for a substantial amount, i might post up all my graphs one day, maybe even talk about what it took to get me to become a winning player, my journey, etc.

Maybe ill save it for my 1000 post haha

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02-04-2014 , 02:44 AM

#6293

jsmo0th10

adept

Join Date: Apr 2011 Posts: 709

happy that would be dope man. You should do it sooner than later

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02-04-2014 , 10:37 AM

#6294

Avaritia

Confirmed 2500 hour haver

Join Date: Feb 2013 Posts: 12,248

Quote:

Originally Posted by bob_124

i look forward to seeing this. Also, 2+2 needs to learn from you in a PG&C thread. Where is it? Where is it!!

Lol, my PG&C would be mostly about how much I love food and tons of philosophy gibberish...with the occasional hand history of me jamming 150bbs with 8 high into the tightest player at the table because "he can only call with the nuts and he never has it"

Spoiler:

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02-04-2014 , 12:22 PM

#6295

bob_124

veteran

Join Date: Feb 2006 Posts: 2,297

Lol, sounds like mine but substitute literature for philosophy!

I'm sold.

Quote

02-04-2014 , 09:48 PM

#6296

GatorXP

old hand

Join Date: Apr 2005 Posts: 1,887

Quote:

Originally Posted by 11t

I agree with most everything you have ever said in your whole entire life.....excluding the second part of your first sentence in this post.

Quote

02-04-2014 , 10:41 PM

#6297

Lapidator

LLSNL Frequent Flyer

Join Date: Apr 2012 Posts: 13,762

Quote:

Originally Posted by GatorXP

I agree with most everything you have ever said in your whole entire life.....excluding the second part of your first sentence in this post.

True Story

Any persons who receive more than $10,000 in one transaction or a series of related transactions, while conducting their trade or business, must file a Form 8300.

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02-04-2014 , 10:54 PM

#6298

pure_aggression

Pooh-Bah

Join Date: Feb 2010 Posts: 5,287

I think he is talking about the morons part.

Quote

02-04-2014 , 10:57 PM

#6299

11t

Bo Pelini's #1 Fan

Join Date: Jan 2005 Posts: 31,420

Ha, the US government is incompetent at a lot of things but not: getting their money, and killing mother ****ers.

Quote

02-07-2014 , 04:34 AM

#6300

aoFrantic

Carpal \'Tunnel

Join Date: Apr 2007 Posts: 25,221

Sucks for the Americans having to pay taxes on live winnings. Just started playing seriously live 2 weeks ago since now 2/5 is nearly always running and 5/10 is occasionally. Always casually crushed 1/2 and am so far playing even better at 2/5 even though it is nearly 100% decent regs. Donked off $700 to an NHL player who was having fun though, which was lol and cost me a days worth of 2/5 profit.

Once I'm at ~15 sessions for the year I'll post some results but comfortably at ~80/hr so far.

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