Archive for May 30th, 2010

Question by Sarah: How long do the poker tournaments in Las Vegas take?
I’m going to sign up the a poker tournament at the MGM when I’m in Las Vegas, and I am wondering long it is going to take. I’m thinking that I’m going to do the 11am tournament.

Best answer:

Answer by killercolton90
Usually a few days but no more than 4 weeks though.

What do you think? Answer below!

Question by DBADiver: What are the tax implications of winning online poker?
If I were to win say, 0,000 playing online poker, I know the government wants to tax me on that. What happens if I don’t withdraw the money from my account? Do I pay taxes on it? What if I withraw just a little bit at a time over several years, do I have to report it?
I am in the U.S (Virginia), by the way.

Best answer:

Answer by ami
This is income from gambling. You must report it and you will be taxed accordingly. It doesn’t matter how you withdraw it. You will receive a W2-G which will how your winnings and that must be put on your Form 1040. If you had any LOSSES, you can deduct that, but only up to the amount of your winnings. So if you lost 00 you can deduct 00. But if you lost 5,000 you can only deduct 0,000.

Know better? Leave your own answer in the comments!

Question by thirdparty: Are online poker and casino sites good or bad?
Do you think online poker and casino sites are good or bad? Why? Do you think it is a matter of personal choice and should be left to the person, or the government? Someone else?

Best answer:

Answer by Alli Bee
Good. Poker Stars is the best!

Give your answer to this question below!

Question by John: What is the best way to play Strip Poker online with a friend.?
I have a friend that I want to play strip games (poker or whatever) with a friend over the internet (preferably with AOL, MSN etc). What is the best way? Is there an online service that lets you play poker with a friend of your choosing? Or is it best I just have a different thing other than poker. Like high-draw or something.

Best answer:

Answer by raypay2003
You could do that on (pogo.com) have fun

Add your own answer in the comments!

Question by Rachel: Are there any poker tournaments in St Albans or Hertfordshire?
Would like to find a cool place to play live poker in hertfordshire. Would prefer tournaments to cash games.

Best answer:

Answer by gman
Rileys in St Albans did a weekly poker tournament but it closed down.

Your best bet would be in Luton. There are a few Casinos there that hold regular tournaments.

What do you think? Answer below!

Question by beatzscientifik: How do taxes work for winnings from online poker/gambling sites based outside the US?
If you win ,000+ from an online poker/gambling site based outside the US, is there any way to cash out the money without having to pay taxes? If not, can someone explain how taxes would work?

Best answer:

Answer by snwbrder0721
You may want to contact a tax specialist or CPA, but my understanding is that since online gambling is illegal your only option for taxes is to report it under “other income earned” on a tax form. It’s like a catch 22 since it’s illegal earnings, but yet the government also wants to tax those illegal earnings. I’ve heard advice of getting an account with an offshore bank and taking out cash from an ATM so that it’s not as tracable if you were audited. You might lose a % with fees and such, but your best bet may be to keep it in cash so there aren’t as many paper trails to follow. If you do end up paying taxes on it you would pay in the high bracket like a lottery winner, upwards of 35% I believe.

My advice, if you’re really making that kind of money you’re either good or lucky. In either case look into a trip to Vegas and keep everything legal so you can enjoy your winnings to the fullest without worrying about the FBI knocking down your door.

Give your answer to this question below!

Question by Scorpio: I’ve been playing poker online for 5 years now and want to stop. What else can I do with my time?
I just lost in two weeks what I spent the past twelve months making in online poker (texas hold em). I have finally come to the realization that this game is ridiculous and I’m just wasting my time. What else can I do with all the new free time I will have going forward?

Best answer:

Answer by Whammo
Play the free tables, play with your friends, and learn how to play better. You’re losing money because you’re not good and you’re either bluffing too much, not reading your opponents’ hands, or are joining rooms above your skill level. Stay away from the no limit tables until you get better.

Give your answer to this question below!