Please direct all TAX QUESTIONS here.......

Fishhead · Dec 27, 2006

http://forum.therx.com/showthread.php?t=440697

First, read the initial thread in the above link/thread to learn many of the "basics" for reporting gambling income.

From there, if anyone has any questions regarding their 2006 taxes, ask them in the thread that is linked above that is located in the RX's FINANCIAL FORUM and one will get some great answers/opinions from the many intelligent posters on this forum on this subject.

Thanks,

-FH-

MikRetSam · Dec 27, 2006

what percent of recreational players do you think file ????????
i would have to say easily less than 1 percent........

Fishhead · Dec 27, 2006

MikRetSam said:
what percent of recreational players do you think file ????????
i would have to say easily less than 1 percent........

95+% of recreational players LOSE...........so that takes a big chunk out immediately.

MikRetSam · Dec 27, 2006

Fishhead said:
95+% of recreational players LOSE...........so that takes a big chunk out immediately.

true....
but would the irs be able to figure out if you have income from poker or not.......... i know alot of people that used to withdraw from neteller to neteller debit card and cash out 1k every 24 hrs................

plus if they did find out something,,,,,,,,, cant you just say you went bust at the black jack table and you have a gambling problem..........lol

are they even looking to find out........... should anyone that has not claimed their winnings really be concerned????????

thanks fish

sd2 · Dec 27, 2006

Fishhead said:
95+% of recreational players LOSE...........so that takes a big chunk out immediately.

I would think the figure closer to 98%, and that would be taking just one season. Like the football season. Or the hoops season.

Long term, over any period of time, a few years or more, the figure should be close to 100%. It would exclude only the rare individual who visits Vegas for the first time, bets and hits a $20 10 team parlay card, and never bets again in his life.

Not too many of that rare species around.

MikRetSam · Dec 27, 2006

sd2 said:
I would think the figure closer to 98%, and that would be taking just one season. Like the football season. Or the hoops season.

Long term, over any period of time, a few years or more, the figure should be close to 100%. It would exclude only the rare individual who visits Vegas for the first time, bets and hits a $20 10 team parlay card, and never bets again in his life.

Not too many of that rare species around.

basically......... lets say there are 50 million poker players in the world..... and there was a single table that seated all of them......... the rake would slowly but consistently take money off the table......... until everyone went broke.........

sd2 · Dec 27, 2006

MikRetSam said:
basically......... lets say there are 50 million poker players in the world..... and there was a single table that seated all of them......... the rake would slowly but consistently take money off the table......... until everyone went broke.........

Right, unless someone plays/bets at a level that exceeds the rake/take

Hard to do, and for fun players impossible