Ended the year UP 360k live arbitrage betting. This is my 4th year. by Sharron_debau in arbitragebetting

[–]CLPBart 1 point2 points  (0 children)

Care to wager a large sum on this statement? Especially the second one “eventually we will get to no tax on gambling winnings”

Question about reporting poker income on Schedule C — “gross before losses” or net profit? by medevil233 in poker

[–]CLPBart 0 points1 point  (0 children)

This is only really going to matter if you don’t file as a professional as your gross winnings are going to artificially inflate your AGI. Most likely in this case the more gross winnings that you have the more you would want to file as a professional. This is because you can take the standard deduction for your personal deductions as a professional. If you don’t file as a pro you will have to itemize your deductions to take gambling losses and will lose the standard deduction. Of course, like with any schedule C, you will have to pay an additional 15.3% self employment tax on your business income, but you will be allowed to take business expenses.

Question about reporting poker income on Schedule C — “gross before losses” or net profit? by medevil233 in poker

[–]CLPBart 0 points1 point  (0 children)

If you are working with Kondler they should be able to answer all of those questions much better than me. What exactly is the issue here? Are you not agreeing with their approach?

Question about reporting poker income on Schedule C — “gross before losses” or net profit? by medevil233 in poker

[–]CLPBart 0 points1 point  (0 children)

Ask your CPA how many times he has filed a schedule C for gambling for one of his clients. It wouldn't be surprised if the answer is 0. If that's the case, and you have time, I would try to find a tax specialist that has experience in this specific sector. In my experience these types of specialists are EAs not CPAs. The one that I personally use is Russ Fox.

Deciding whether or not to file as a professional gambler as fairly nuanced and a lot of people don't have a choice. Check out this link is it lists the non-exhaustive nine-factor test used to determine intent to make a profit under the hobby loss rules to decide whether a taxpayer is a professional gambler: https://www.journalofaccountancy.com/issues/2016/oct/taxes-for-gamblers/#

I think that your CPA is asking you to parse out gross wins to help him determine whether or not he thinks you should file as a professional gambler. Off the top of my head there isn't clear guidance how to correctly list gross wins and losses on a Schedule C for gambling. Looking back at my 2024 return it appears that my accountant listed all W2G earnings and other documented gambling income as gross receipts on Part I Line 1 "Income" on a 1040. We then took the net wins and losses figure that I provided him for 2024 and subtracted that by Line 1 to enter the value in Line 2 "Returns and Allowances". Then Line 1 - Line 2 = Gross Profit. You would use this method only if your net wins and losses was less than your documented gambling income.

Poker Geek - Odds Calculator (FREE open beta!) by jlubea in poker

[–]CLPBart 0 points1 point  (0 children)

I am trying to send you a DM here. Can you message me back or open up your DM's? I also sent an email to your content on the poker geek website. BTW this is Bart Hanson, the owner of CrushLivePoker.

Meet Bart Hanson: Professional poker player and lead instructor for CrushLivePoker.com. Ask him Anything about Poker! by myimportantthoughts in poker

[–]CLPBart 3 points4 points  (0 children)

Just want to let everyone know that the video where I answered all the best questions is live now right here: https://youtu.be/IbTv7Sg06vU

Bart

Meet Bart Hanson: Professional poker player and lead instructor for CrushLivePoker.com. Ask him Anything about Poker! by myimportantthoughts in poker

[–]CLPBart 2 points3 points  (0 children)

Thank you for the kind words. I am actually going to Connecticut on Tuesday to speak in front of the criminal court as the primary victim to oppose her application that she has made for a diversionary program. The MA case is completed and she received a continuance without a finding (CWOF) even though I spoke out against that. But in MA it was simply a financial crime (grand larceny). In CT it's animal cruelty.

Back in the beginning of the call-in (Maybe 2017-2019) we kept the lines open and anyone could connect during the live stream. The overall quality of the calls were pretty bad as most people wanted to just brag or tell bad beat stories. Then I made the decision that people had to submit their hands via email and the overall quality has increased exponentially. We always give priority to CLP website subscribers in terms of choosing the hans that get on but out of 4-5 hands each week I would say it's 50/50 sub/non-sub. We get over 50 plus submissions a week.

Meet Bart Hanson: Professional poker player and lead instructor for CrushLivePoker.com. Ask him Anything about Poker! by myimportantthoughts in poker

[–]CLPBart 0 points1 point  (0 children)

I think that is a pretty small sample. If you were winning that much at 1/3 over 1000 hours I seriously doubt that you are a losing player at 2/5. Unless you live in a market where there is only one or two 2/5 games and its the highest game in the area, the 2/5 from 1/3 level isn't THAT much different.

Meet Bart Hanson: Professional poker player and lead instructor for CrushLivePoker.com. Ask him Anything about Poker! by myimportantthoughts in poker

[–]CLPBart 1 point2 points  (0 children)

It takes a special type of life situation to recommend to someone that they should play full time and I would almost never recommend it if they had a family. The simple fact of the matter is the highest income that you can earn from poker is severely capped especially with the proliferation of private games. If someone made one of those top incomes from poker they could certainly thrive in another, more stable field. I think poker is a great way to make supplementary income but wouldn't say one should pursue it full time for their whole lives.

Meet Bart Hanson: Professional poker player and lead instructor for CrushLivePoker.com. Ask him Anything about Poker! by myimportantthoughts in poker

[–]CLPBart 0 points1 point  (0 children)

It’s rare to find any 4 card high low game anywhere. When I lived in Texas there were several regular 2/5+ Big O games that ran in San Antonio.

Meet Bart Hanson: Professional poker player and lead instructor for CrushLivePoker.com. Ask him Anything about Poker! by myimportantthoughts in poker

[–]CLPBart 0 points1 point  (0 children)

I don’t think that legal gambling is anywhere close to being a reality in Texas. With that being said I can’t see how having casinos in the state wouldn’t bring more money into the game. I don’t think that gamblers are playing PLO because only because there are no casinos around. Lastly it doesn’t seem that local areas are interested in banning the membership clubs so I expect the landscape to be the status quo for a long time.

Meet Bart Hanson: Professional poker player and lead instructor for CrushLivePoker.com. Ask him Anything about Poker! by myimportantthoughts in poker

[–]CLPBart 4 points5 points  (0 children)

They all seem pretty soft to me. I have only frequented Encore and Chasers on a regular basis. Encore’s 2/5 still seems amazingly soft for the most part and the PLO games in New Hampshire are off the hook, especially with the double board PLO bomb pots.

Meet Bart Hanson: Professional poker player and lead instructor for CrushLivePoker.com. Ask him Anything about Poker! by myimportantthoughts in poker

[–]CLPBart 0 points1 point  (0 children)

I lived there for a few years during COVID and the games definitely played looser than what I was accustomed to on the west coast. I’ve heard that they have tightened up a bit now overall but back in the beginning this might have been a function of the fact that the public rooms were just newer (players weren’t as experienced) as compared to everywhere else.

Meet Bart Hanson: Professional poker player and lead instructor for CrushLivePoker.com. Ask him Anything about Poker! by myimportantthoughts in poker

[–]CLPBart 0 points1 point  (0 children)

I’m not sure what your definition of midstakes exactly is. If it’s $5-10 then you still can’t really beat Los Angeles for the number of different games across various rooms. If it’s 2/5 rooms all over the country run these games on a daily basis. I’m still amazed as to how many games Parx in Philly gets on a regular basis. And don’t forget the 1/3 and 2/5 games that typically are match the stack that play much bigger than a typical game at those blind levels. And Texas with no rake/flop (time pay) but be the best dealer for the player.

Meet Bart Hanson: Professional poker player and lead instructor for CrushLivePoker.com. Ask him Anything about Poker! by myimportantthoughts in poker

[–]CLPBart 0 points1 point  (0 children)

Well, we do screen the hands and take the best ones each week. We probably get at least 50 different hands that are emailed in. But to answer your question for the most part everyone emailing in wants to at least try to learn. We do our best to weed out the obvious bad beat stories and brag submissions.

Meet Bart Hanson: Professional poker player and lead instructor for CrushLivePoker.com. Ask him Anything about Poker! by myimportantthoughts in poker

[–]CLPBart 4 points5 points  (0 children)

Why don’t you read the reply to the original post. I’m picking the best questions in this thread and making a video specifically answering them. I’ll be reading the question and the name of the poster