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exsentrik
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03-17-2006, 04:08 PM
Post subject: Playing professinaly
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#1 (permalink)
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Join Date: Jul 2005
Posts: 93
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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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PO$$E$$ED
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Flush
Join Date: Aug 2005
Location: SITTING ON 'RILLA'S FINGER
Posts: 263
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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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Renton
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Straight Flush
Join Date: Jan 2006
Location: Atlanta, GA, USA
Posts: 5,991
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strike 2 ----- gay comment
so 8/\NN3d!
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Muxy
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4-of-a-Kind
Join Date: Apr 2005
Location: Canadian LOLUH'S AND AMERICAN LOLUHS
Posts: 1,529
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Quote:
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Originally Posted by Renton
strike 2 ----- gay comment
so 8/\NN3d!
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..........
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underminedsk
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Flush
Join Date: Jul 2005
Location: Reraising you from the button
Posts: 250
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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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online br: $14,000, @400NL full ring, 100NL 6 max
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Bmxicle
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Full House
Join Date: Jan 2005
Location: Vancouver
Posts: 947
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i'm a professhunul.
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ilikeaces86
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4-of-a-Kind
Join Date: Nov 2004
Posts: 2,141
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Quote:
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Originally Posted by Bmxicle
i'm a professhunul.
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More like a professional student.
Let me know when your ready to bang with the big boys roberto.
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Rockymv
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Full House
Join Date: Aug 2004
Posts: 1,177
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Quote:
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Originally Posted by ilikeaces86
Quote:
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Originally Posted by Bmxicle
i'm a professhunul.
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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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gabe
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Moderator
Join Date: Dec 2004
Location: trying to live
Posts: 7,964
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i play .25/.50, so im putting my entire BR up to play you
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Bmxicle
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Full House
Join Date: Jan 2005
Location: Vancouver
Posts: 947
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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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Irisheyes
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4-of-a-Kind
Join Date: Jun 2005
Location: over there
Posts: 3,708
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Have you played for a full year yet?
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Dislexsik
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Full House
Join Date: Jul 2005
Location: On the grind
Posts: 832
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ROFL @ possessed his sig. 
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SmackinYaUp
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4-of-a-Kind
Join Date: Dec 2004
Location: B N L
Posts: 1,725
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Quote:
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Originally Posted by Rockymv
Quote:
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Originally Posted by ilikeaces86
Quote:
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Originally Posted by Bmxicle
i'm a professhunul.
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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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He who drinks beer sleeps well.
He who sleeps well cannot sin.
He who does not sin goes to Heaven.
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exsentrik
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Join Date: Jul 2005
Posts: 93
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Quote:
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Originally Posted by SmackinYaUp
Quote:
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Originally Posted by Rockymv
Quote:
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Originally Posted by ilikeaces86
Quote:
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Originally Posted by Bmxicle
i'm a professhunul.
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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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Irisheyes
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4-of-a-Kind
Join Date: Jun 2005
Location: over there
Posts: 3,708
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Don't look at us, we deff. never accused you of playing poker for a living.
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SmackinYaUp
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4-of-a-Kind
Join Date: Dec 2004
Location: B N L
Posts: 1,725
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Quote:
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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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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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He who drinks beer sleeps well.
He who sleeps well cannot sin.
He who does not sin goes to Heaven.
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Strung
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Straight
Join Date: Mar 2005
Posts: 209
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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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Bmxicle
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Full House
Join Date: Jan 2005
Location: Vancouver
Posts: 947
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Quote:
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Originally Posted by Strung
FYI Canadians don't pay tax on gambling winnings so don't "worry about the tax man".
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fyi u r rhong
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Strung
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Straight
Join Date: Mar 2005
Posts: 209
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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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exsentrik
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Join Date: Jul 2005
Posts: 93
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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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Warpe
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Moderator
Join Date: Sep 2005
Location: Canuckistan
Posts: 3,905
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Quote:
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Originally Posted by exsentrik
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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You're confusing windfalls with gambling profits. They are treated differently for tax purposes:
http://www.cra-arc.gc.ca/E/pub/tp/it...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/...light=taxation
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Miffed22001
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Straight Flush
Join Date: Jun 2005
Location: Marry Me Cheryl!!!
Posts: 8,181
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Quote:
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Originally Posted by Warpe
Quote:
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Originally Posted by exsentrik
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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You're confusing windfalls with gambling profits. They are treated differently for tax purposes:
http://www.cra-arc.gc.ca/E/pub/tp/it...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/...light=taxation |
omg, move to mexico or something eh and BRIBE the taxman.
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