Can you guys please explain the tax situation for Florida poker pros? I'm a tax noob and just want to make sure I'm doing things correctly. Are you guys saying I don't pay taxes on my income from poker? What about promotions where they take ur SS number and everything for tax reasons.. please help

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To make $100k or $67k a year you need to have a $20k roll and pay $20k in taxes. So really you need a $40k roll. Also wondering who here has ever made over $100k in a calendar year, while paying taxes? Having a $40k roll requirement for poker vs not having one for the $50k job is an important consideration

Throw in another $20k for six months of life expenses

FL has no state income tax. Still pay Fed Tax. And yes all of the items you describe are taxable items

Your AGI is 75k. If you live in a state without income tax you don't pay state of Florida any income tax. If your state has an income tax, let's say 10%, then you owe them $7500. You still owe your federal taxes of around 25%.

Can anyone comment on opening an S corporation and not taking your profit out of the company? This is one way to lower federal tax liability according to Google

S Corp income is not subject to SE tax but the shareholder is still subject to all the other taxes. But since you are not engaged in a business as the S Corp you would never win this case against the IRS. (ie more or less that there is no business purpose for the S Corp). There are also some administrative costs that are required for an S Corp that aren't generally present for a personal return.

So you're saying you cannot use an S Corp as a gambling entity ?

Since an S Corp is a pass-thru entity, all S Corp income is taxed at the individual level on your personal tax return, regardless of whether any, all or none of the money is actually distributed from the business.

You don't have to pay employment tax on a large % of your income though

I'll just let this thread do what it does best

By which you mean, swallow your soul?

'Bout time. Do not transmit your STD here.

I try to teach the Great Unwashed but they have to want o listen bruh

8.5BI. I cannot be stopped.

in b4 busto ldo

I think my BR exceeds my biggest downswing now so ok due for some busto.

i would say if you play the usual stuff like 1/2 and 2/5 nl, i wouldnt pay taxes just save cash and buy your house and car with that. of course it may take a while, but if you have say 100k in cash, and a average house not near a big city is only like 200k, you should be ok to get approved maybe need a cosigner too

And you expect somebody to accept a suitcase filled with 100k in cash?

Lol, no.

Buying big ticket items where you have to put your contact information down is probably a bad idea.

I'm not a realtor, but I believe buying in cash usually means a cashiers check, which means you have to put the money into a bank. If it's in a bank then there are records of it. If there are records of it you'll live in fear of the IRS finding out for 7 years. When they find out, I'm sure the penalties for tax evasion > than just paying your damn taxes in the first place


Also, have you ever bought a house? If you have you would know that when you put down 50%, you still need a mortgage. The mortgage company is gonna want to know where the other 50% came from. They won't approve your mortgage if you just poof have 100k and need a mortgage for the other 100k.

Ymmv, but when I bought my house, I was told not to make any deposits that would draw flags for 3 months prior to applying for the mortgage (pay checks were ok because we have jobs, but just random thousand dollar deposits would have done it). So unless you're going to take an entire year to put 100k into a bank in like 8k chunks then wait several month after that to buy a house, you're kinda SOL (and I'm guessing someone who posts something like this isn't thinking about the long con aspects of the federal crime they would be committing)

Ya hat is just horrible advice.

ya good luck with that champ

Keeping 100k cash around the house probably isn't a great idea.

If you said "buy lunch every day with poker winnings and never pay taxes on that money", you could get away with that. Trying to hide $100k form the IRS to buy a house is just crazy talk.

mike mcdermitt tho

Should I comment on how it really works or you guys think you got it?

the floor's yours sir