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The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
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Topic: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary (Read 110168 times)
pleno1
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Re: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
«
Reply #150 on:
June 06, 2014, 09:57:44 AM »
Quote from: DungBeetle on June 06, 2014, 09:45:20 AM
Quote from: pleno1 on June 06, 2014, 01:57:01 AM
the is he paying tax on this is very interesting. especially as hes done it for years and mentioned specific numbers itt.
Why is it "very interesting"? Seems very petty to raise this to me?
I didn't bring it up btw.
I just think that people will just not see things they do in poker as business because poker is not taxable. Whether that be coaching, charging vig on financial transactions or otherwise.
Why is it interesting? Idk, just find it interesting.
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Quote from: TightEnd on December 16, 2013, 12:59:59 AM
Worst playcalling I have ever seen. Bunch of fucking jokers . Run the bloody ball. 18 rushes all game? You have to be kidding me. Fuck off lol
DungBeetle
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Re: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
«
Reply #151 on:
June 06, 2014, 10:02:34 AM »
Well I guess - but unless it's a registered poker site I assume coaching revenue will either
A) Not breach the 10k limit
B) Even if it does would only be marginally above it and be treated cash in hand
Hypothetically if you earned £15k in a year from coaching would you register as a sole trader and file a tax return? Credit to you if you would, but I can't imagine many people would.
Fx transactions are less clear cut, and charging mark up even less so of course.
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DungBeetle
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Re: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
«
Reply #152 on:
June 06, 2014, 10:03:49 AM »
By the way - I may be vastly underestimating the private tutor/coaching market with my £10k statements. Just can't imagine people will be paying £50k a year between them on coaching when they could be staking themselves.
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pleno1
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Re: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
«
Reply #153 on:
June 06, 2014, 10:41:21 AM »
Yeah there is people charging 300/hour and doing 5+hours a week.
I guess staking is another thing. If we invest money into somebody and we make more than x in no year should we be paying tax? I guess not in huh is instance. Mark up similarity is borderline but I guess not.
Doing money transactions as a pure business seems more so, but then again maybe not.
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Quote from: TightEnd on December 16, 2013, 12:59:59 AM
Worst playcalling I have ever seen. Bunch of fucking jokers . Run the bloody ball. 18 rushes all game? You have to be kidding me. Fuck off lol
OverTheBorder
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just one of those days
Re: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
«
Reply #154 on:
June 06, 2014, 11:16:17 AM »
Quote from: pleno1 on June 06, 2014, 10:41:21 AM
Yeah there is people charging 300/hour and doing 5+hours a week.
I guess staking is another thing. If we invest money into somebody and we make more than x in no year should we be paying tax? I guess not in huh is instance. Mark up similarity is borderline but I guess not.
Doing money transactions as a pure business seems more so, but then again maybe not.
I can see some great tax returns:
Coaching +30000
Offset by business expenses
Staking lol punters -10000
Hookers -5000
Blow. -10000
Roulette -63367763
Mouse pad -1
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pleno1
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Re: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
«
Reply #155 on:
June 06, 2014, 11:20:26 AM »
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Quote from: TightEnd on December 16, 2013, 12:59:59 AM
Worst playcalling I have ever seen. Bunch of fucking jokers . Run the bloody ball. 18 rushes all game? You have to be kidding me. Fuck off lol
Doobs
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Re: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
«
Reply #156 on:
June 06, 2014, 11:30:32 AM »
Quote from: pleno1 on June 06, 2014, 10:41:21 AM
Yeah there is people charging 300/hour and doing 5+hours a week.
I guess staking is another thing. If we invest money into somebody and we make more than x in no year should we be paying tax? I guess not in huh is instance. Mark up similarity is borderline but I guess not.
Doing money transactions as a pure business seems more so, but then again maybe not.
Coaching looks very much like a business to me, and think you'd struggle to argue otherwise.
I think staking people would be viewed as just gambling if you do a few one offs. If you run a big stable, employed people to do admin etc, I expect it would be viewed differently*. Would expect charging mark up is more dodgy. You are charging people for your skills. Though you could probably offset expenses on it if live. Probably harder to claim that much in legit expenses for coaching.
Don't think the forex thing is that clear. It isn't like it is his real business. He wouldn't be trading if he didnt just bink 400k.
* Just because staking could be viewed as a business in some circumstances, it would have to make a profit before you pay tax. Guess that is where it would still fall over.
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Most of the bets placed so far seem more like hopeful punts rather than value spots
pleno1
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Re: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
«
Reply #157 on:
June 06, 2014, 11:39:58 AM »
Quote from: Doobs on June 06, 2014, 11:30:32 AM
Quote from: pleno1 on June 06, 2014, 10:41:21 AM
Yeah there is people charging 300/hour and doing 5+hours a week.
I guess staking is another thing. If we invest money into somebody and we make more than x in no year should we be paying tax? I guess not in huh is instance. Mark up similarity is borderline but I guess not.
Doing money transactions as a pure business seems more so, but then again maybe not.
Coaching looks very much like a business to me, and think you'd struggle to argue otherwise.
I think staking people would be viewed as just gambling if you do a few one offs. If you run a big stable, employed people to do admin etc, I expect it would be viewed differently*. Would expect charging mark up is more dodgy. You are charging people for your skills. Though you could probably offset expenses on it if live. Probably harder to claim that much in legit expenses for coaching.
Don't think the forex thing is that clear. It isn't like it is his real business. He wouldn't be trading if he didnt just bink 400k.
* Just because staking could be viewed as a business in some circumstances, it would have to make a profit before you pay tax. Guess that is where it would still fall over.
I said that I and other guys do pay tax for coaching and it's clearly 100% business. Most of the guys who have made coaching a business are American anyway so it's kinda irrelevant I guess. I was just confirming the numbers so,e guy can make to dung in this post hut replied directly to your last.
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Quote from: TightEnd on December 16, 2013, 12:59:59 AM
Worst playcalling I have ever seen. Bunch of fucking jokers . Run the bloody ball. 18 rushes all game? You have to be kidding me. Fuck off lol
bergeroo
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Re: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
«
Reply #158 on:
June 06, 2014, 03:19:37 PM »
Congrats to Andrew on his final and the boost in liquidity it gave to his currency exchange business. He can do what he wants of course if he gets 'customers' I wonder if he will be buying $ back again at the end of the series for no vig?
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tikay
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Re: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
«
Reply #159 on:
June 06, 2014, 06:09:31 PM »
Huge excitement this morning at The Rio, where the Seniors Event starts at 10am. (So they can finish early, & get their Horlicks, I suppose).
With 10 minutes until the start, there are already a whopping 4,035 runners.
The Oxygen Bars in the Rio Corridor are doing great business today, too.
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All details of the 2016 Vegas Staking Adventure can be found via this link -
http://bit.ly/1pdQZDY
(copyright Anthony James Kendall, 2016).
TightEnd
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Re: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
«
Reply #160 on:
June 07, 2014, 10:45:20 AM »
Event #14: $1,500 Limit Omaha Hi-Low
Nick Kost Wins Event #14: $1,500 Limit Omaha Hi-Low ($283,275)
Stuart Rutter cashed 39th, John Kabbaj 82nd, Matthew Ashton 107th
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My eyes are open wide
By the way,I made it through the day
I watch the world outside
By the way, I'm leaving out today
TightEnd
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Re: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
«
Reply #161 on:
June 07, 2014, 10:46:54 AM »
Event #15: $3,000 Six-Handed No-Limit Hold'em
Players Left 15
Entries 810
Hellmuth 6 of 15 overnight
Top Chip Counts
Name Chips
1 Heinz Kamutzki 841,000
2 Davidi Kitai 815,000
3 Pratyush Buddiga 760,000
4 John Andress 699,000
5 Mark Darner 538,000
6 Phil Hellmuth 491,000
7 Gordon Vayo 483,000
8 Bill Burford 454,000
9 Artem Metalidi 448,000
10 Ryan Olisar 444,000
Logged
My eyes are open wide
By the way,I made it through the day
I watch the world outside
By the way, I'm leaving out today
TightEnd
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Re: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
«
Reply #162 on:
June 07, 2014, 10:48:08 AM »
Event #16: $1,500 Limit 2-7 Triple Draw Lowball
Players Left 9
Entries 348
Top Chip Counts
Name Chips
1 David Bell 240,000
2 David Gee 190,000
3 Kevin Iacofano 180,000
4 Vladimir Shchemelev 165,000
5 Ismael Bojang 160,000
6 Aaron Steury 160,000
7 Tom Franklin 160,000
8 Don Nguyen 155,000
9 Todd Bui 150,000
Stephen Chidwick cashed 24th
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My eyes are open wide
By the way,I made it through the day
I watch the world outside
By the way, I'm leaving out today
TightEnd
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Re: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
«
Reply #163 on:
June 07, 2014, 10:49:45 AM »
Event #17: $1,000 Seniors No-Limit Hold'em Championship
4,425 entries once the registration was closed at the start of level seven.
For the third year in a row the event drew more than 4,000 entries and the previous record attendance of 4,406 from 2013 was overthrown
486 players will return for Day 2
Top Chip Counts
Name Chips
1 Ronald Bradway 125,100
2 Mary Totzke 115,100
3 Richard Munro 104,400
4 Herbert Bennett 90,600
5 Sammy Farha 89,400
6 Milwood Motley 86,000
7 Kevin Detienne 85,100
8 Dennis Palmer 79,000
9 Marcia Topp 78,900
10 Lenard Sepke 75,100
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My eyes are open wide
By the way,I made it through the day
I watch the world outside
By the way, I'm leaving out today
TightEnd
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Re: The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary
«
Reply #164 on:
June 07, 2014, 10:50:33 AM »
Event #18: $10,000 Seven-Card Razz Championship
Players Left 79
Entries 112
Top Chip Counts
Name Chips
1 Thomas Butzhammer 122,800
2 Todd Dakake 117,000
3 Mike Gorodinsky 92,000
4 Brent Keller 90,000
5 Eric Rodawig 85,000
6 Wade Townsend 85,000
7 Yuval Bronshtein 82,000
8 Brandon Cantu 82,000
9 Ali Eslami 81,000
10 Roland Israelashvili 74,000
Logged
My eyes are open wide
By the way,I made it through the day
I watch the world outside
By the way, I'm leaving out today
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