Michael the grinder Mizrachi broke

[milwaukee mike]

I don't know how US poker pros can survive paying 30% tax on winnings and not being able to offset gambling losses against it.

Plus the tipping on cash tables seems to make the math of that not work to me too.

No tax on gambling and no tipping allowed for dealers are rules I like.

they can offset losses, in addition they can offset all expenses (mileage/travel/cell phone/etc)... as a professional poker pro it's just like any other business

even the recreational gambler can offset losses (but not expenses), it is an itemized deduction up to the amount of winnings (negative net is not allowed unless professional gambler status)

[krk1030]

I don't know how US poker pros can survive paying 30% tax on winnings and not being able to offset gambling losses against it.

Plus the tipping on cash tables seems to make the math of that not work to me too.

No tax on gambling and no tipping allowed for dealers are rules I like.

Ugh you can write off gambling losses up to the amount of your wins....

[Optional]

Ugh you can write off gambling losses up to the amount of your wins....

Can you? Lots of others have posted that you cannot.

Any sort of gambling all in one pot? How do you keep track of your blackjack losses and prove it to the IRS?

[milwaukee mike]

Can you? Lots of others have posted that you cannot.

Any sort of gambling all in one pot? How do you keep track of your blackjack losses and prove it to the IRS?

you're supposed to keep a log

the audits that i have seen, irs asks for bank records showing cash withdrawals... otherwise they don't believe that you lost 2000 on 10/6

so after a big enough win to get a tax slip, i recommend that people take cash out of the bank at times

[jjgold]

anyone ever meet a daily poker player that does no end up homeless begging for money for his next game??

[ChuckyTheGoat]

did i mean flat broke no. but for a guy who almost has 20 milli in tournament earnings....to be playing 175 dollar tournies and 2/5 no limit on the reg is crazy ....i remember he was on high stakes poker with his bob marley Jamaican hat on with a million infront of him... weeeeeeeeee. and his wife is a poker dealer? damn...yes correct his ugly brother rob is a beast tho

It's been commented on in this thread. But, GROSS tournament winnings off Hendon Mob don't tell much.

What were his buy-ins? Ergo, what was his Net?

What % of himself did he hold? Fedor Holz talked about how much he was selling of himself. Fedor basically said every pro is REALLY worth much less than u think (w/ very few exceptions).

[jjgold]

It's been commented on in this thread. But, GROSS tournament winnings off Hendon Mob don't tell much.

What were his buy-ins? Ergo, what was his Net?

What % of himself did he hold? Fedor Holz talked about how much he was selling of himself. Fedor basically said every pro is REALLY worth much less than u think (w/ very few exceptions).

basically most broke and people still laughing at me

Lol right like usual

[SharpAngles]

they can offset losses, in addition they can offset all expenses (mileage/travel/cell phone/etc)... as a professional poker pro it's just like any other business

even the recreational gambler can offset losses (but not expenses), it is an itemized deduction up to the amount of winnings (negative net is not allowed unless professional gambler status)

God bless Mr. Billy Baxter and his fight

[ChuckyTheGoat]

basically most broke and people still laughing at me

Lol right like usual

JJ, depends on your definition of "broke." I'm not saying he's "broke."

I'm saying that $20Mill in GROSS tournament winnings doesn't mean much. What were his buy-ins? He was a nose-bleed player. More than once, he stacked off on bluffs.

In poker, nobody is clearing +100% net on top of buy-in. What did he have to pay in taxes?

And what % of himself did he hold? A lot of these sell at least 70% of their shares, maybe more.

If he has to pay for divorce...then, yeah. There's not much left.

[stevek173]

In the poker game of life....

[5918mike]

you're supposed to keep a log

the audits that i have seen, irs asks for bank records showing cash withdrawals... otherwise they don't believe that you lost 2000 on 10/6

so after a big enough win to get a tax slip, i recommend that people take cash out of the bank at times

If you're a big enough player where you need it then people will have a system for ATM withdrawals at the casino. Even if you are there to eat dinner, or watch the game, pull out some cash every time and establish that record of 'casino losses'. That's also why there is a market for selling losing lottery tickets.

[daneblazer]

The pit isn’t getting all of the money. A lot of poker “pros” are barely getting by. Some are making decent money but it’s a hard thing to do forever. You think of poker pros living this lavish lifestyle. The reality is 3 to 4 dudes sharing a room or apartment with just a couch and a grind station, eating Krystal’s and Eggos while their health deteriorates from being stressed and sitting down 10 hours a day. Not exactly lavish.

[Optional]

you're supposed to keep a log

the audits that i have seen, irs asks for bank records showing cash withdrawals... otherwise they don't believe that you lost 2000 on 10/6

so after a big enough win to get a tax slip, i recommend that people take cash out of the bank at times

I always wondered why Americans were so willing to put up with what sounded like such a ridiculous tax system. Guess me and some of the people who have informed me are just wrong. Makes more sense what you say.

[Kiddpokerr]

Too much partying for him, he was doing it since the first Mil, case closed.

[ttwarrior1]

fad

[lom bylyri]

In the poker game of life....

..." they " are the fcukin' rake...

[milwaukee mike]

If you're a big enough player where you need it then people will have a system for ATM withdrawals at the casino. Even if you are there to eat dinner, or watch the game, pull out some cash every time and establish that record of 'casino losses'. That's also why there is a market for selling losing lottery tickets.

great advice if the atm fees aren't too high

the casino here charges insane amounts of money on atm withdrawals/checks/cash advances

but you're right, it looks a lot better as a withdrawal AT a casino than from a bank

[newguy]

I don't know how US poker pros can survive paying 30% tax on winnings and not being able to offset gambling losses against it.

Plus the tipping on cash tables seems to make the math of that not work to me too.

No tax on gambling and no tipping allowed for dealers are rules I like.

You can offset losses up to your winnings. https://turbotax.intuit.com/tax-tool.../INF14370.html

[TheMoneyShot]

I can't tell if this is the same girl?

Or she loves a man's wallet or what???

Maybe you guys can figure it out?

Maybe he's broke because of her?

[Cuse0323]

Looks like three different girls. First pic she has a wedding ring. Second a ring on her middle finger, and third doesn't looked as stacked. Or just two...didn't see you quoted a picture.

[stevek173]

fat

fixed

[Enkhbat]

not surprised he is broke, so is Eric Lindgren, Chino Rheem the list goes on and on.

[sweep]

Guy just won his third $50,000 buy-in WSOP Players Championship Bracelet for $1.2 million

https://www.cardplayer.com/poker-news/22923-michael-mizrachi-wins-his-third-wsop-50-000-poker-players-championship-title

[RudyRuetigger]

How much did he have of himself?

After taxes I bet he made $5,000 tops

[Crusherrr]

How much did he have of himself?

After taxes I bet he made $5,000 tops

He probably sold at 1.20% and had 20% of himself which is what all these guys do. Most sell at 1.3 or even 1.4 for main event and keep 30% and swap a few % with others. I'm sure Mizrachi will still pocket $200k+ from the win.

I play on his PPPoker group site. He's making probably $1k-2k a day in rake from that so he could have even had a greater % but it's all speculation.

[jjgold]

87 no great feat

[big joe 1212]

If you win tons of money you can’t write it all off with losses. There’s an itemized deduction limitation.

[thechaoz]

87 of the best in the world.

Congrats but he's getting about 10 percent of that

[jjgold]

There’s no such thing as the best in the world in poker every year new name after new name keeps winning any type of a tournament

[sweep]

If Mizrachi won this on Betonline or 5Dimes JJ would be sucking his fukkin cokk right now....Forever a slave to the offshore

[jjgold]

The guy owes everyone in the world do some research

Broke poker player that's all

[daneblazer]

How much was lost on the baccarat tables while he was walking out of the casino

[vividjohn45]

all end up broke

why????????

Poker is gambling

Twos net worth sites are 100%%%%%%%%%%%%%%%%%% inaccurate on all people

Jj. Nl cash is the best bet going. I'm just a bit off my high for the year. A guy needs stay away from the casino esspecially slots.

[TheSchafe]

All these guys go from barreled in to millionaires and back to barreled in several times a year. Lots of hair dye in Bobby's Room...you'll go all gray in less than a day.

[BigBusiness]

Not really surprising seeing as how super aggressive he is always playing.