The 2014 WSOP Thread. tikay wins a bracelet, the rest is secondary

[pleno1]

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.

[DungBeetle]

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.

[DungBeetle]

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.

[pleno1]

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.

[OverTheBorder]

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

[pleno1]

[Doobs]

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.

[pleno1]

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.

[bergeroo]

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?

[tikay]

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.

[TightEnd]

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

[TightEnd]

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

[TightEnd]

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

[TightEnd]

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

[TightEnd]

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