Would any type of new online regulations passed affect any current regulations for live play? Or will they remain completely separate. For instance im a cash game player that will play mostly 2/5 and 5/10 NL and 10/20 NL at times. ON most winnings nights im cashing out somewhere between 3-8k on average. If they were to implement a daily taxation on cashouts over a certain amount then it would make playing poker almost completely unsustainable. Unlike the stock market where they keep a rolling total on profits/losses and give a total figure at the end of the year, a daily taxation would throw you from a 30% tax hold to nearly a 42% tax hold( accounting for loses you wouldnt be able to write off).
Most of what Ive read about poker and sportsbook legalization would be in the form of being taxed every time you cash out. So if over a period of 11 months you lost every single deposit totaling 11,000. Then you made a final deposit and ran it up to 10k, you would be taxed at 30% on that withdraw. I doubt the government will grant you the 10,000 tax write off as even with the stock market they only allow 3,000 in loses per year. Again the stock market is a rolling total though.
Unless there is a system geared more towards how the stock market does it players will just get bombarded by taxes. Most professionals wont be able to overcome the tax gap and lack of available write offs. Im not a proponent of not paying taxes but only if its done the right way. Im not going to pay taxes on a gross income of 80,000(hypothetically) if im only bringing in a Profit of 55k.
If anyone has info on whats being proposed for tax purposes for online play and if live play taxation would change with this implementation please let me know.
Most of what Ive read about poker and sportsbook legalization would be in the form of being taxed every time you cash out. So if over a period of 11 months you lost every single deposit totaling 11,000. Then you made a final deposit and ran it up to 10k, you would be taxed at 30% on that withdraw. I doubt the government will grant you the 10,000 tax write off as even with the stock market they only allow 3,000 in loses per year. Again the stock market is a rolling total though.
Unless there is a system geared more towards how the stock market does it players will just get bombarded by taxes. Most professionals wont be able to overcome the tax gap and lack of available write offs. Im not a proponent of not paying taxes but only if its done the right way. Im not going to pay taxes on a gross income of 80,000(hypothetically) if im only bringing in a Profit of 55k.
If anyone has info on whats being proposed for tax purposes for online play and if live play taxation would change with this implementation please let me know.