I don't know what I was thinking, I went all in after someone bet on the flop. I don't know if this was correct or not EV wise, but looking back on it now...I got real lucky on that Turn giving me some more outs! Ace on the River!
Sick hand thomas, i see your location says new jersey? So i assume you are playing on new jersey pokerstars?
Does pokerstars deduct taxes for you? How much did you win in this hand after taxes?
Sick hand thomas, i see your location says new jersey? So i assume you are playing on new jersey pokerstars?
Does pokerstars deduct taxes for you? How much did you win in this hand after taxes?
Pretty sure PokerStarsNJ only deducts their typical rake and do not deduct taxes. They will generate a form showing your winnings for tax purposes.
Also, this was only a .01/.02 6 max cash game. The pot I won was only $5.81...which in a .01/.02 game isn't bad at all
I understand. So unless you win more than $600 in a year you dont have to pay taxes correct?
Ugh, I'm no tax expert but I think the $600 minimum you're thinking is for side jobs and such that require you to do a 1099. Any gambling winnings in a 1099 or W2g I believe go under other. Also casinos give you the form if I think winnings from poker reach $1,200. Otherwise it's up to the individual.
Pretty sure the government expects you to report and pay all taxes on gambling winnings as they're treated differently than regular earnings. Also, the amount of losses to gambling write off can never exceed the amount of winnings.
Again, I'm no tax expert nor haven't won much gambling but I do plan to file