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Posted: Fri, 17 Mar 2006, 12:08pm Post subject: Playing professinaly
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3-of-a-Kind
Joined: 28 Jul 2005
Posts: 83
WPP: 111
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Who on this site is actually playing poker professinaly? And how much do you make? You don't have to tell me the exact figure, just round abouts ie 20ish k 50ish k over 100ish k?
I play semi professianly, i won't quit my job but im pullin in about 20ish k a year. Im trying to bump that up to about 40ish k this yr, but that means i have to put in alot more hrs. I don't know if i can pull that off but i hope i can. I play on Party Poker, and i don't use exsentrik as a handle. I rather not say what i use, worried about the tax man. Also i play in usd and i live in canada so the exchange is nice.
What about you lot? |
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Posted: Sat, 18 Mar 2006, 1:17am Post subject:
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Strike 3
Joined: 29 Aug 2005
Posts: 263
WPP: 176
Location: SITTING ON 'RILLA'S FINGER
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| I play profesionaly. I make lots. But not enough to support my weed habit. I love cock |
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Posted: Sat, 18 Mar 2006, 1:38am Post subject:
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HABITUAL LINE-STEPPER
Joined: 13 Jan 2006
Posts: 5226
WPP: 74
Location: Atlanta, GA, USA
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strike 2 ----- gay comment
so 8/\NN3d! |
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Posted: Sat, 18 Mar 2006, 1:42am Post subject:
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Strike 3
Joined: 10 Apr 2005
Posts: 1529
WPP: 75
Location: Canadian LOLUH'S AND AMERICAN LOLUHS
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| Renton wrote: | strike 2 ----- gay comment
so 8/\NN3d! |
.......... |
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Posted: Sat, 18 Mar 2006, 1:46am Post subject:
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Flush
Joined: 01 Jul 2005
Posts: 250
WPP: 111
Location: Reraising you from the button
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| Ive thought about it, although I dont think I acutally will ever. What stakes do you play? |
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Posted: Mon, 20 Mar 2006, 6:50am Post subject:
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Full House
Joined: 22 Jan 2005
Posts: 947
WPP: 117
Location: Vancouver
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Posted: Mon, 20 Mar 2006, 2:56pm Post subject:
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4-of-a-Kind
Joined: 18 Nov 2004
Posts: 2036
WPP: 142
Location: http://ilikeaces86.blogspot.com/
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| Bmxicle wrote: | | i'm a professhunul. |
More like a professional student.
Let me know when your ready to bang with the big boys roberto. |
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Posted: Wed, 28 Jun 2006, 7:47pm Post subject:
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Full House
Joined: 18 Aug 2004
Posts: 1177
WPP: 77
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| ilikeaces86 wrote: | | Bmxicle wrote: | | i'm a professhunul. |
More like a professional student.
Let me know when your ready to bang with the big boys roberto. |
pwned by tripod |
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Posted: Wed, 28 Jun 2006, 7:58pm Post subject:
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EAT BUGS
Joined: 07 Dec 2004
Posts: 7810
WPP: 51
Location: trying to live
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| i play .25/.50, so im putting my entire BR up to play you |
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Posted: Thu, 29 Jun 2006, 4:07am Post subject:
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Full House
Joined: 22 Jan 2005
Posts: 947
WPP: 117
Location: Vancouver
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| The best way to be pro is to play the fish. There is this one awfull player that plays high stakes on Party Poker that will really pad yer br if you play him all the time. Just search for GoingBUSTO, he is so bad but he plays alot of tables, so its best to just play on all of his tables. |
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Posted: Thu, 29 Jun 2006, 4:32am Post subject:
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4-of-a-Kind
Joined: 15 Jun 2005
Posts: 3402
WPP: 70
Location: over there
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| Have you played for a full year yet? |
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Posted: Thu, 29 Jun 2006, 6:09am Post subject:
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Full House
Joined: 18 Jul 2005
Posts: 832
WPP: 72
Location: On the grind
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ROFL @ possessed his sig.  |
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Posted: Thu, 29 Jun 2006, 9:05pm Post subject:
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4-of-a-Kind
Joined: 24 Dec 2004
Posts: 1720
WPP: 154
Location: B N L
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| Rockymv wrote: | | ilikeaces86 wrote: | | Bmxicle wrote: | | i'm a professhunul. |
More like a professional student.
Let me know when your ready to bang with the big boys roberto. |
pwned by tripod |
tripwned.
Ex, I wouldn't quit the job ever if its a career. You have to keep your networking and future resume potential open. If you're just some young student without a job, I'd suggest having at least 50 buyins for what ever level you play and 100k winning hands at that level. So either be in school or have a career but don't quit either one of those. Definitely make your money while the poker boom is on but don't leave yourself hanging later on down the road.
I've made a lot too. |
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Posted: Thu, 29 Jun 2006, 10:11pm Post subject:
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3-of-a-Kind
Joined: 28 Jul 2005
Posts: 83
WPP: 111
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| SmackinYaUp wrote: | | Rockymv wrote: | | ilikeaces86 wrote: | | Bmxicle wrote: | | i'm a professhunul. |
More like a professional student.
Let me know when your ready to bang with the big boys roberto. |
pwned by tripod |
tripwned.
Ex, I wouldn't quit the job ever if its a career. You have to keep your networking and future resume potential open. If you're just some young student without a job, I'd suggest having at least 50 buyins for what ever level you play and 100k winning hands at that level. So either be in school or have a career but don't quit either one of those. Definitely make your money while the poker boom is on but don't leave yourself hanging later on down the road.
I've made a lot too. |
Hey what you taling about? When did i say i do this for a living? I ll i asked in this thread was who plays full time and how much they make? |
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Posted: Fri, 30 Jun 2006, 3:37am Post subject:
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4-of-a-Kind
Joined: 15 Jun 2005
Posts: 3402
WPP: 70
Location: over there
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| Don't look at us, we deff. never accused you of playing poker for a living. |
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Posted: Fri, 30 Jun 2006, 1:13pm Post subject:
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4-of-a-Kind
Joined: 24 Dec 2004
Posts: 1720
WPP: 154
Location: B N L
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| Quote: | | Hey what you taling about? When did i say i do this for a living? I ll i asked in this thread was who plays full time and how much they make? |
Dude don't be so touchy all the time! Nobody is here to attack you, make fun of you, or anything else. This forum is for the improvement of everybody including me.
I only made that point because a lot of people under estimate how much they can make in comparison to a real job. I thought maybe you were considering going pro but I misread your original post. Besides, even if my reply didn't pertain exactly to you maybe someone else will benefit from the ideas it contained.
I'm curious about one thing though. When you say you make 20k a year and a trying to bump that up to 40k, is that done while playing 10/20NL? If so, how many tables are you playing and how many hours are you putting in? If you're playing a few tables a few hours a day, I think you could have a lot of room to improve that earn. I'm not trying to attack you when I say this, I'm just trying to help. A lot of people who play 10/20 make 40k+ a month. By a lot of people, I mean the winners; obviously the fish lose a lot. |
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Posted: Mon, 03 Jul 2006, 11:36pm Post subject:
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Straight
Joined: 11 Mar 2005
Posts: 209
WPP: 91
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| FYI Canadians don't pay tax on gambling winnings so don't "worry about the tax man". |
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Posted: Tue, 04 Jul 2006, 1:38am Post subject:
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Full House
Joined: 22 Jan 2005
Posts: 947
WPP: 117
Location: Vancouver
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| Strung wrote: | | FYI Canadians don't pay tax on gambling winnings so don't "worry about the tax man". |
fyi u r rhong |
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Posted: Wed, 05 Jul 2006, 1:10am Post subject:
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Straight
Joined: 11 Mar 2005
Posts: 209
WPP: 91
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Read the tax laws. The only way the government can tax you is if I guess you quit "working" and play professionally. He said at the top he hasn't quit his job and only pulls in 20K a year. A 20K/year poker salary would put him in poverty so to speak.
The only thing he has to do is keep records of his money transfers to his bank account incase he gets audited to prove where the money came from. Gambling winnings for Canadians is tax free unless you are a pro.
http://www.pokereh.com/legal/taxes.html |
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Posted: Wed, 05 Jul 2006, 4:08pm Post subject:
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3-of-a-Kind
Joined: 28 Jul 2005
Posts: 83
WPP: 111
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| Im an accountant, and I have to tell you, your wrong. Its condisdered a windfall and is taxable at 50 percent if you declare it. If you get caught not declaring it, you can be prosecuted under GAAR, which means you have to pay the original tax plus fines and interest. Jail time is also and option |
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Posted: Wed, 05 Jul 2006, 4:33pm Post subject:
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OLD MAN RIVER
Joined: 14 Sep 2005
Posts: 3550
WPP: 75
Location: Canuckistan
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| exsentrik wrote: | | Im an accountant, and I have to tell you, your wrong. Its condisdered a windfall and is taxable at 50 percent if you declare it. If you get caught not declaring it, you can be prosecuted under GAAR, which means you have to pay the original tax plus fines and interest. Jail time is also and option |
You're confusing windfalls with gambling profits. They are treated differently for tax purposes:
http://www.cra-arc.gc.ca/E/pub/tp/it334r2/it334r2-e.html
Excerpts:
"Windfalls
3. Subject to the comments in the current version of IT-213, Prizes From Lottery Schemes, Pool System Betting and Giveaway Contests, and those in 4 and 10 below concerning Voluntary Payments and Gambling Profits, a taxpayer in receipt of an amount which can be described as a "windfall" is not subject to tax on the amount. Factors indicating that a particular receipt is a windfall include the following:
(a) the taxpayer had no enforceable claim to the payment,
(b) the taxpayer made no organized effort to receive the payment,
(c) the taxpayer neither sought after nor solicited the payment,
(d) the taxpayer had no customary or specific expectation to receive the payment,
(e) the taxpayer had no reason to expect the payment would recur,
(f) the payment was from a source that is not a customary source of income for the taxpayer,
(g) the payment was not in consideration for or in recognition of property, services or anything else provided or to be provided by the taxpayer, and
(h) the payment was not earned by the taxpayer as a result of any activity or pursuit of gain carried on by the taxpayer and was not earned in any other manner.
The factors above are based on those set out in the decision of The Queen v. Cranswick, (1982) CTC 69, 82 DTC 6073 (F.C.A.)."
...as opposed to:
"Gambling Profits
10. Profits derived from bookmaking or from the operation of any gambling establishment (carried on legally or otherwise) constitute income from a business. In addition, an individual may be subject to tax on income derived from gambling itself, if the gambling activities constitute carrying on the business of gambling; see the decision of MNR v. Morden, (1961) CTC 484, 61 DTC 1266 (Ex. Ct.). The issue of whether or not an individual's activities are such that he or she can be considered to be carrying on a gambling business is a question of fact that can be determined only by an examination of all of the circumstances and the taxpayer's entire course of conduct. Although no one factor may be conclusive, the following criteria should be considered in making the determination:
(a) the degree of organization that is present in the pursuit of this activity by the taxpayer,
(b) the existence of special knowledge or inside information that enables the taxpayer to reduce the element of chance,
(c) the taxpayer's intention to gamble for pleasure as compared with any intention to gamble for profit as a means of gaining a livelihood, and
(d) the extent of the taxpayer's gambling activities, including the number and frequency of bets."
See also:
http://www.flopturnriver.com/phpBB2/viewtopic.php?t=30936&highlight=taxation |
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Posted: Wed, 05 Jul 2006, 7:11pm Post subject:
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Straight Flush
Joined: 21 Jun 2005
Posts: 7707
WPP: 71
Location: Petra Marklund FTW ^^^^
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| Warpe wrote: | | exsentrik wrote: | | Im an accountant, and I have to tell you, your wrong. Its condisdered a windfall and is taxable at 50 percent if you declare it. If you get caught not declaring it, you can be prosecuted under GAAR, which means you have to pay the original tax plus fines and interest. Jail time is also and option |
You're confusing windfalls with gambling profits. They are treated differently for tax purposes:
http://www.cra-arc.gc.ca/E/pub/tp/it334r2/it334r2-e.html
Excerpts:
"Windfalls
3. Subject to the comments in the current version of IT-213, Prizes From Lottery Schemes, Pool System Betting and Giveaway Contests, and those in 4 and 10 below concerning Voluntary Payments and Gambling Profits, a taxpayer in receipt of an amount which can be described as a "windfall" is not subject to tax on the amount. Factors indicating that a particular receipt is a windfall include the following:
(a) the taxpayer had no enforceable claim to the payment,
(b) the taxpayer made no organized effort to receive the payment,
(c) the taxpayer neither sought after nor solicited the payment,
(d) the taxpayer had no customary or specific expectation to receive the payment,
(e) the taxpayer had no reason to expect the payment would recur,
(f) the payment was from a source that is not a customary source of income for the taxpayer,
(g) the payment was not in consideration for or in recognition of property, services or anything else provided or to be provided by the taxpayer, and
(h) the payment was not earned by the taxpayer as a result of any activity or pursuit of gain carried on by the taxpayer and was not earned in any other manner.
The factors above are based on those set out in the decision of The Queen v. Cranswick, (1982) CTC 69, 82 DTC 6073 (F.C.A.)."
...as opposed to:
"Gambling Profits
10. Profits derived from bookmaking or from the operation of any gambling establishment (carried on legally or otherwise) constitute income from a business. In addition, an individual may be subject to tax on income derived from gambling itself, if the gambling activities constitute carrying on the business of gambling; see the decision of MNR v. Morden, (1961) CTC 484, 61 DTC 1266 (Ex. Ct.). The issue of whether or not an individual's activities are such that he or she can be considered to be carrying on a gambling business is a question of fact that can be determined only by an examination of all of the circumstances and the taxpayer's entire course of conduct. Although no one factor may be conclusive, the following criteria should be considered in making the determination:
(a) the degree of organization that is present in the pursuit of this activity by the taxpayer,
(b) the existence of special knowledge or inside information that enables the taxpayer to reduce the element of chance,
(c) the taxpayer's intention to gamble for pleasure as compared with any intention to gamble for profit as a means of gaining a livelihood, and
(d) the extent of the taxpayer's gambling activities, including the number and frequency of bets."
See also:
http://www.flopturnriver.com/phpBB2/viewtopic.php?t=30936&highlight=taxation | omg, move to mexico or something eh and BRIBE the taxman. |
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