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Posted
16 hours ago, TonyTexas said:

Per my understanding, it’s actually worse than that. You can only claim losses up to 90% of your winnings. If you have  100k in tournament winnings but have 200k in entry costs, you can only claim 90K in losses for tax purposes. So taxes have to be paid on 10k even though you are a net loser. 

Wow it's like they're trying to stamp out poker tournaments by the tax code or something. 

Posted (edited)
1 hour ago, Lurch said:

Has anyone seen a good explanation of who introduced that in the first place and why?

we will never find out... it sounds like it was added at some late point in the Senate where everyone was adding their pet project ideas into this massive bill.  and whoever included it, didnt take into account the idea of negative in-year "winnings"

Edited by AUS-97HORN
Posted

Sen. Mike Crapo from Idaho introduced it. As to why, some combo of religious nanny state horseshit mixed with being able to falsely say this will bring in another $100m a year in tax revenue.

Posted

$1/$2 PLO game on Pokerrrr2 app. 8-handed. Played about an hour, relatively passive game so far, and nobody is raising pre flop. Hero and Villain have about $250 effective. 

Villain open limps from UTG. Three others call, Hero checks BB with AQxx. 

Flop is QQA. Villain bets just under half pot. Folds to Hero, who smooth calls out of position. 

Turn is a 2. Backdoor flush draw is there. Check, Villain bets pot, Hero calls. 

River is a J. Flush misses. Check, Villain bets half pot. 

Call or raise? 

Hero was scared of AA and calls. Too nitty? Villain shows KQ. 

Did Villain overplay his hand? Should Hero have check raised the flop, turn, or river? 

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