Quote:
Originally Posted by TheHip41
It’s not 100% income. You may have paid taxes on some of that income in prior years. Some of that is return of investment (if you were like me you got lots of reload bonuses during the party poker days)
definitely get in front of this though. Your final return won’t be due until sep of 2018 if you extend, butnits good to plan now
If you are going to have an extra 50,000 of taxable income,
Might be a good time to sell some stocks at a loss or other things of that nature.
All good points.
What I'm trying to say is that there is a big difference between people who reported their bankroll on their tax return up to and including apr 15, 2011 and those who didn't consider their bankroll "real money" till it hit their bank account. There's a lot of those in the second category. That's not bad as they had accountants that told them that and sometimes I wish I didn't have such a paranoid acct as my taxes were always higher than other pros every year.
I won't pay taxes on my refund because I already paid so I don't have to pay twice. Look at your 2011 return to find out which category you are in.
But I hope no one has to pay taxes on this crap. How bout the people with 6 figures?? Well if their money wasn't held hostage for almost 7 years they could have conservatively invested it in index/mutual funds and easily nearly doubled it.
How do you recoup that?
The bottom line is even if you got 10 bucks you are a victim and should do everything you can to minimize your tax liability and hopefully pay nothing.
I'm glad we will ultimately wrap up this chapter of the poker boom but I wish the ball was never taken from us and kicked over the fence.
I'm happy to be a part of the poker boom and my years as a pro were some of the happiest of my life. There is still money to be made in online poker, even in the USofA. But the poker of my youth & memories, best I can tell, is over.