‘Big, Beautiful Bill’ potentially very bad for poker (players) in the US + STAY ON TOPIC!!

Someone can do the maths for a cash game player who cash in 500k year and cash out 600k (profit 100k/year) ? I'm not sure to understand.

What will be the taxes for a self-employed poker pro in that situation with BBB and without BBB ? Thanks

It's honestly wild that you're surprised your girlfriend was upset. You're backing a movement that treats The Handmaid's Tale like a blueprint, not a warning—and then wondering why people don't want to sleep with you?

Well you're not going to like the response.... but we've never had a bigger educational divide in voting patterns in US history than we do right now. Harris probably won voters who can integrate by parts by close to 20 and Trump won voters that can't tell you the odds of a coin landing heads 3 times in a row. If I was a non "dumbass" who thought Trump was superior to Harris, I'd definitely have thought of this phenomenon before the election and have a better explanation than "sometimes idiots get it right'.

What happens if they say back players from another country for example in London or something?

I wonder if we’ll just see a lot of stables popping up because of it: technically they themselves won’t be gambling so perhaps they just have to put their hat up on this one.

It seems like a really bad time for poker in general really other than live games but then I assume they’ll just stop existing in America right?

Not so sure about that.

My parents are casino addicts, they go 3x a week for a couple hours each time and make 4 trips to Vegas a year with their comps. I'm guessing they lose 50k or so a year combined.

Dad plays 99% payback video poker and Mom 90% or so payback slots. They bet fairly big so they're receiving w2g's quite often.

Dad does taxes fairly diligently so understands what's going on here. His initial reaction to the bill was "I guess our gambling days are over".

Not sure what figures my Dad is getting, but let's say he has $140k in winnings and $141k in losses. He owed nothing before, now he can only claim about $127k in losses and owes taxes on $13k he didn't even earn.

I'm skeptical that they'll quit though given that they already know they're burning through mid 5-figures a year, so what's a few extra k in taxes? But I think it's crazy to think that this won't have some affect.

To be fair though, I'd imagine most people in Vegas aren't filing taxes or have no idea what they're doing on their taxes.

What I suspect will happen is that a bunch will offset their reported winnings with the same # of losses and the receive a surprise in April 2027 when they find out that their losses are amended to 90% and they owe taxes on the difference.

That's assuming this tax stays in place as is almost 2 years from now.

I'd be shocked if they don't unless they can't because of the standard deduction.

I've heard recs win Bad beat jackpots for 50-100k saying how they're gonna collect losing horse sports betting lotto tickets to offset that. They seriously think the IRS is gonna believe they made 100k in bets and lost every single one.

If your parents are losing 50k gambling per year, they shouldn’t have 140k in winnings and 141k in losses. They shouldn’t have like 140k in winnings and 190k in losses, so their 90% of their losses should easily cover their winnings.

For this to be an issue, they’d need to have at least 500k in winnings. Which most professional gamblers will have but recreationals will not.

Now, maybe this could be an issue if they have a particularly lucky year and only lose 1k like you describe. But in that case, they’ve budgeted for $50k in losses that they didn’t lose, so they can probably afford the ~3k tax bill they will receive on their winnings.

I’m not defending they law here, I just think it’s not going to influence the decisions on 99% recreational gamblers. Maybe it will if they think through the math of it really hard, but if they were doing this, they probably wouldn’t be losing so much money gambling in the first place.

We may have our own problems and god do we have some but it's never as bad as being an American.

Sincerely, **** all of you who voted for this idiot and may your lives get infinitely worse in the next 3.5 years.

Conclusion: Mom and Dad are going to save $50K a year...which is...a...bad..........thing???

To all the trump voters in this thread , who are still too stupid to figure it out, **** you all.

The time to fight fascists, is before they take power.

Sleep well knowing you ****ed yourself along with the rest of us.

This ride isn’t over and won’t be for a long time. GG America.

What I’ve learned from the poker community:
Cheat with RTA? Scumbag.
Cheat Uncle Sam by fudging cash game records? Genius.
Y’all are real patriots.
Be a shame if PokerAnalytics had a little data incident and the IRS played the river.

P.S. That’s a Ukraine flag at the top of the webpage, MAGA.

LOL you brainwashed dems/libs are too much! If anyone "F'd" you, it was yourselves😃

Don't worry guys, this is just a 10% tariff on your loss deductions...

This will have the most impact on high buy-in tournaments in the US, anything above 10K will have to be carefully calculated, even more with reentries and rebuys.

Will this be just for fiscal residents in the USA or for every player/entry in a tournament?

If it's the first case, then most highrollers will move to Canada or Mexico like they did in 2011. If it's the latter then tournaments in the USA will become a lot less profitable, especially in highrollers where ROI aren't very high.

Ironic she withheld from you isn't it since that's how her girl Kamala started her political rise by sleeping with someone older than her father lol. Hopefully you threw her in the gutter without a second thought

wow, great morning. any pics of the ex kev?

Hey everyone!

I broke down exactly how much Taxes US players will have to pay.

There's hope.

While his numbers don't match, your understanding is incorrect.

It doesn't say you can deduct 90% of your total losses. It says your deduction is capped at 90% of your total winnings.

Let's say you play poker and report your **** correctly, you might have $200k total in winning days, and $100k total in losing days, making your net profit $100k, but you can only deduct 90% of those losses now, forcing you to pay taxes on a phantom $10k of profit. You'll be taxed on $110k rather than your actual profit of 100k.

Similarly, if someone plays the slots and they have $100k in winning days, and $100k in losing days, they will owe taxes on $10k, because they can only deduct 90%.

Change the numbers, say their total wins are $100k, and losses are $130k, they can only deduct losses up to 90% of their wins, so 90k, leaving them with a $10k tax bill despite losing $30k.

I didn’t see that anyone had actually addressed this questions.

Gambling wins or losses are supposed to be recorded per session.
So if you play a session of cash game poker and cash out for more than you bought in for, you have a taxable gambling win.
If you cash out for less than you bought in for, you have a deductible gambling loss.

You have this backwards and are wrong

That's why I am at a loss for words as to why so many people try to come to America, legally or otherwise. Why are they choosing to come here? Why not in a country like Canada or Denmark, both of which have universal healthcare and aren't racist. People call me MAGA for telling immigrants to choose a country that isn't a privatized shithole but I don't care. Horseshoe theory I guess.

Note that according to the math, Online players will be hit 5-10x as hard as Live players.

Effectively, the new tax increase is equivalent to roughly +1bb/100 in rake. Live players are making 20/100+, but online regs only make 3-6.

If curious about math, ping me and I'll teach you how to calculate for yourself. Things like winrate, game variance, tax rate matter. But for NLHE, it's gonna be between extra 0.75-1.5bb/100.

Definitely not career-ending for most live NLHE players.

You can’t kill poker if it’s dead already in most parts of the world: it is what it is. Move on from it like everyone else has had to.

I may not have been a professional on the other bad days that poker has had but I do remember them well and how much it affected others: there’s definitely in poker a policy where everyone assumes everything is fine because no one is talking about it.

I feel like, unfortunately, too many don’t care until it’s too late. May I remind you that most of the world knew how much of an own goal this administration would be, however I didn’t expect for them to come after their own fanbase but quite frankly the whole world has years left of this administration. The UK has a lot of its own problems but they do pale in comparison to what you’re currently dealing with.

I wish all the Americans all the best with their future endeavours but to put it bluntly it is likely that the poker bubble has burst again it is what it is.

Oh, and solid, unbiased moderation, 2+2. Happy to see the "no politics on the forum" decree magically disappear when they're politics you agree with. I also wanted to personally congratulate you on ending the conflict in Ukraine by displaying their flag in the banner of your website for the past three years. Your Nobel Peace Prize should be arriving in 2-4 weeks.

Yeah, I'd pretty confidently argue that migrants receiving less time in jail for stabbing children to death than people arrested for posting memes on Facebook about illegal immigration is a significantly bigger problem than ANYTHING in the US right now, but don't let the inconvenient facts get in the way of your virtue signaling or anything.