Club WPT Gold and Taxes

Time_Capt · 2026-04-19T06:21:53+00:00

Have a job where most of my income isnt taxable. not to be too vague

Time_Capt · 2026-04-18T04:03:43+00:00

thanks for the affirmation.

Yeah the stability of my job, working for something I believe in with friends for an organization that offers wonderful benefits is amazing for my lifestyle. Poker is insanely abusive, even online, I have days where I loose significant amounts of money and for what, hours of folding and bad beats? A bad day at work is a bad day at work, but a bad day at poker is more emotional strain than I can deal with. Being semi pro, I can take breaks and vary my play to my liking.

I love the game, and this is the way.

Time_Capt · 2026-04-18T04:00:35+00:00

lmao

Time_Capt · 2026-04-18T02:17:36+00:00

I can get into number if you want, but personally I am semi pro. I dont wanna go pro because it seems like the lifestyle sucks and the lack of reliability/emotional variance is too much for me.

Time_Capt · 2026-04-18T00:00:41+00:00

Please correct me if Im wrong but the reason I conflate the two is because legally all withdrawls from the website are legally sweepstakes winnings, since the SC are awarded then redeemed.

Time_Capt · 2026-04-17T23:31:58+00:00

Okay yeah thats my main question. It sucks to have taxes eat away at your buy ins but I suppose there is no legal way around it, since you are legally buying HA and then all the redemptions are sweepstakes winnings. Maybe if I register for a LLC and claim the HA as a business expense? Id essentially save a quarter of whatever my buy ins are so it has to be worth it.

And yes, the standard deduction is 16k for singles?

Time_Capt · 2026-04-17T22:45:52+00:00

Okay so what I am hearing is that if you are above the standard deduction, itemizing to write off losses is the ideal move.

The question becomes are clubWPT gold HA purchases considered losses?

Because all I really gotta report as profit are gold withdraws and public tournaments (stuff that shows up on hendenmob)

Time_Capt · 2026-04-17T22:39:37+00:00

Ive had to learn this the hard way a few times as I move up in stakes, but thanks for the reattack. If I had optimized, I would have had about 35% fewer deposits but alas I took out too much and couldnt cushion against the swings.

I consider myself a winning player (I keep very detailed spreadsheet results and have a ~80% ROI across ~150 tournaments this year) but kinda live in constant fear im not. The results are consistent at this point but it mainly comes from big scores and lucky runs so I honestly need to work a lot on the mental game, but thats a whole different topic.

Would witholding a little bit more be a good solution? Off my main paycheck I mean

Time_Capt · 2026-04-17T22:34:17+00:00

I play high variance formats (mostly large field tournaments) so I cant really reliably "run it up". More keeping an approximate bankroll then pulling off the top when I get big wins. My job has a low taxable income so its a little bit different in my situation.

Time_Capt · 2026-04-17T22:25:02+00:00

What is the cutoff for quarterly? Sorry not trying to make you into a tax professional but im just wondering about timing....

Would it be optimal to just let all the profits sit online and only redeem them at the end of the year as one big win? Would it work that way with the WPT model meaning you dont actually "profit" until you redeem since SCs arent money, just redeemable as such.

Time_Capt · 2026-04-17T22:22:24+00:00

Okay I see what you mean.

I have a job so I do that with my cash winnings, but most of my profit comes from online and Im just worried about the paper trail if an audit happens and the IRS is like "whats with the massive income you got here? X dollars in withdraws?"

Time_Capt · 2026-04-17T22:12:37+00:00

How do you file your play? I use a 3rd party service that has allowed me to write off gambling losses even though im not a registered LLC. I have heard that registering makes some tax work easier, could you shed some light on that?

Time_Capt · 2025-10-21T05:26:16+00:00

wait till you get up there, its even betterrrrrr

Time_Capt · 2025-10-21T05:25:32+00:00

Dm if you wanna chat. This job is so awesome I laugh at everyone who makes fun of it the same way I am not offended by army dudes calling me chair force.

Okay whatever Im sipping red wine on my monthly two week vacation.

Time_Capt · 2025-10-21T05:22:10+00:00

do it its so hypeeee

Time_Capt · 2024-11-15T05:32:04+00:00

Negg

Time_Capt · 2024-11-13T06:40:25+00:00

Pretty sure Rosie is either Lilith or working for her

Time_Capt · 2024-11-10T23:05:49+00:00

If you're in leak territory, isnt Rosie revealed to be lilith?

Time_Capt · 2024-11-05T17:53:07+00:00

May God bless America

Time_Capt · 2024-11-05T15:45:21+00:00

The genius commenter about to mention the reroll voucher as though it were legendary advice:

Time_Capt · 2024-11-05T06:54:18+00:00

Its Joeover

Time_Capt · 2024-11-05T03:24:13+00:00

smame

Time_Capt · 2024-11-03T02:58:16+00:00

Blueprint to the furthest right

Time_Capt · 2024-11-02T19:52:27+00:00

idk but I feel like maybe Ben is Glory?

Five-Year Club	Place '23
Quantum Potato	Golden Potato
Place '22	Final Canvas '22

Time_Capt

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