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Opinions. Which is more profitable in the long run? Live tournaments or live cash games Opinions. Which is more profitable in the long run? Live tournaments or live cash games
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04-17-2016 , 04:23 PM
#51
DC2LV
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Join Date: May 2012 Posts: 3,187
Quote:
Originally Posted by DC2LV
What's to know? For a US citizen, any income you earn, in any way you earn it, and anywhere in the world that you earn it, is reportable.
Quote:
Originally Posted by CrazyLond
Then look up the foreign earned income exclusion.
I don't have to look it up as I am very familiar with it; but apparently, you're not as familiar with it as you think you are. Once again, I direct you to my initial response in this thread (which I've C&P'ed for your convenience.) What part of the word reportable do you not understand?

First you missed the fact that I was referring solely to earned income. Now, you seemingly missed the fact that I didn't say all earned income was taxable; I said it was reportable. (And it is; on Form 2555.)

Now before you try yet a third misguided snarky response, I suggest you try to comprehend what I actually wrote before proceeding further.
Opinions. Which is more profitable in the long run? Live tournaments or live cash games Quote
04-17-2016 , 04:58 PM
#52
CrazyLond's Avatar
CrazyLond
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You post a 1 line summary of the tax code based on your own obviously limited understanding of it and then say "what is there to understand"?. And then I am snarky when I point out there is a lot to understand. Such as:

1. Gambling income is not "earned" income for most people, under any IRS definition of that word.
2. People who "earn" income under a certain threshold are not required to report any of it, regardless of where they live (see 1040 instructions if confused).
3. While you may not think the question of whether income is taxable or not is important, this is a pretty important distinction for most people.
Opinions. Which is more profitable in the long run? Live tournaments or live cash games Quote
04-17-2016 , 05:58 PM
#53
trixie
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Join Date: Dec 2015 Posts: 214
Sorry, if anyone is dumb enough--sorry, honest-- enough to report all their income, well good for them. I guess I am smart--sorry, dishonest-- enough to ensure our dishonest politicians can't get accurate info on my income.

For what it's worth, of the 4 business I own, 2 are cash only and if you think the govt knows the true revenue, than you are very challenged.
Opinions. Which is more profitable in the long run? Live tournaments or live cash games Quote
04-17-2016 , 07:54 PM
#54
ITT666
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Pooh-Bah
Join Date: Nov 2009 Posts: 3,663
Not reporting your full income to the government may be a smart idea (or may seem like one until you get caught,) bragging publicly about not doing so, is definitely not a smart idea.
Opinions. Which is more profitable in the long run? Live tournaments or live cash games Quote
04-18-2016 , 08:58 PM
#55
trixie
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Join Date: Dec 2015 Posts: 214
If the Gov't wants... bring it on. I've got now worries, been audited before and probably will be again...

The owners of the site are welcome by me to contact the IRS. Zero concerns...
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