*** Pokerstars buys Full Tilt ...... ***

[cardriverx]

what do you guys think will happen if I never had my account verified? I made my $1.4k without depositing. I remember actually getting my stuff ready to become verified then black friday occurred lol.

 

[ElAndroide]

That's great news for FTP players, now, how many faces of FTP will continuing doing this ?

 

[ckingriches]

what do you guys think will happen if I never had my account verified? I made my $1.4k without depositing. I remember actually getting my stuff ready to become verified then black friday occurred lol.

I don't think you'll do more than 3 to 5 years. What do others think?

 

[Debi]

Daks, you must have a nightmare coming with all the transfers to you for things like league subscriptions and stuff!

Lol - you don't know the half of it! I am not worried though - I expect they have enough of a headache just simply returning the balances in everyone's accounts.

 

[mascan42]

Maybe after the elections in November we can see legal
online poker in the U.S.
(I doubt either Obama or Romney will advocate for it before November)

Now we just have to find out how to request our money from the DOJ.
Anyone want to bet that taxes will be taken out of your bankroll BEFORE it get to you?

Until it's legalized, they can't tax it. Taxing it legitimizes it. But the gov't never gives back any money without taking its cut, so this will be labeled a fine or penalty for participating in an illegal gambling operation.

 

[blankoblanco]

I just read the news.......

 

[tbdbitl]

I have screen shots of FTP account summary from 4/15 and 6/3--not that it will matter. If we have to submit requests through the DOJ, I'm not sure I will. I just don't trust anything about that Agency!

 

[WVHillbilly]

Until it's legalized, they can't tax it. Taxing it legitimizes it. But the gov't never gives back any money without taking its cut, so this will be labeled a fine or penalty for participating in an illegal gambling operation.

Totally and completely WRONG! If you earn money as a drug dealer they expect you to pay taxes on it.

 

[tbdbitl]

Totally and completely WRONG! If you earn money as a drug dealer they expect you to pay taxes on it.

Amen WVH! How did the govt utimately get organized crime---tax evasion!

 

[dj11]

In 1969 or 70, I got busted in the Army with less than an once of pot and got billed $100 by some government agency as taxes.

Funny how that memory resurrected.....

 

[JOEBOB69]

I've already paid my taxes on every dollar in my FTP BR. Should be no further deductions.

You paid your taxes on the ~7k that wasn't even in your account?

 

[WVHillbilly]

You paid your taxes on the ~7k that wasn't even in your account?

Yes. You're supposed to pay taxes on winnings weather you withdrawal it or not.

 

[Charade You Are]

True. But the argument could be made, as with interest and dividends, you pay taxes when it is constructively received. If nothing else, Black Friday proved that we did not have our money until we successfully withdrew it, which we could not do.

I'm in a funk, now we have to know that ROW players will be playing stars and ftp and get their ftp funds easily, and us U.S. players can't. Makes me want to cry.

 

[WVHillbilly]

True. But the argument could be made, as with interest and dividends, you pay taxes when it is constructively received. If nothing else, Black Friday proved that we did not have our money until we successfully withdrew it, which we could not do.

I'm in a funk, now we have to know that ROW players will be playing stars and ftp and get their ftp funds easily, and us U.S. players can't. Makes me want to cry.

You could make the argument. You'd be wrong according to the IRS but whatever.

Honestly would be very surprised if the DoJ didn't just pay out player accounts in full and let the IRS worry about the taxes after the fact.

 

[Charade You Are]

That is what they should do. Wouldn't be surprised if 1099's were issued for all amounts over $600.

 

[Debi]

That is what they should do. Wouldn't be surprised if 1099's were issued for all amounts over $600.

They can't do that - 1099's can only be issued for money earned. Somebody could have $700 in their account that they just deposited right before FT closed. That is not money earned.

 

[Charade You Are]

I stand corrected. Didn't think of that.

 

[Debi]

I stand corrected. Didn't think of that.

I am thinking of it because a large portion of my balance was transferred to me lol.

I have over 2k on there but I think about $300 of it belongs to Cardschat and another large chunk was a transfer from an individual in a trade of money. I never won much on FT - all of my big tournament wins were at pokerstars.

 

[dmorris68]

I think a lot of you getting hung up on the tax issue are forgetting that the DOJ and the Treasury (IRS) are two different arms of the US government and they typically do not collaborate, or even get along for that matter. From what I've heard the IRS has had no involvement whatsoever in the DOJ actions of Black Friday. I can almost assure you that the DOJ will not be collecting any taxes -- it isn't their job nor their jurisdiction to do so. Worst case they share player info with the IRS and even that's highly unlikely. As Debi says, a balance by itself does not indicate taxable winnings. They would have to audit the deposits vs winnings vs losses of every US player to arrive at a meaningful tax liability. Remember that the vast majority of online players are *losing* players, so it's doubtful after such an exhaustive effort that they would recoup enough in taxes to pay for the effort itself.

Besides, as WVH said, if you're been doing the right thing all along and paying taxes on your winnings anyway, then you've really got nothing to worry about.

And whoever said poker winnings aren't taxable because if their illegal status (which itself is wrong because playing online poker isn't illegal in the US, never has been, a couple of specific states notwithstanding), has obviously never filled out a long form 1040 and read any sort of tax law/instructions.

 

[OzExorcist]

ROW player fistpumping right here

 

[eberetta1]

Sounds like the girl would rather be first than accurate, Friday and Monday have come and gone. I am sure several more will. The line she was fed was most likely to see if she would start spouting like a drunken sailor, and true to form, she sang like a spring chicken. Book it, Dan-O.

 

[absoluthamm]

Sounds like the girl would rather be first than accurate, Friday and Monday have come and gone. I am sure several more will. The line she was fed was most likely to see if she would start spouting like a drunken sailor, and true to form, she sang like a spring chicken. Book it, Dan-O.

Open your eyes a little more...https://www.cardschat.com/forum/poker-news-events-63/pokerstars-buys-full-tilt-poker-deal-212656/

 

[WVHillbilly]

Sounds like the girl would rather be first than accurate, Friday and Monday have come and gone. I am sure several more will. The line she was fed was most likely to see if she would start spouting like a drunken sailor, and true to form, she sang like a spring chicken. Book it, Dan-O.

Worst timed post ever???

 

[Debi]

Sounds like the girl would rather be first than accurate, Friday and Monday have come and gone. I am sure several more will. The line she was fed was most likely to see if she would start spouting like a drunken sailor, and true to form, she sang like a spring chicken. Book it, Dan-O.

Errr...the announcement was made today and the press release was dated yesterday - so everything was just as she said except the DOJ sat on it overnight.

 

[JusSumguy]

They can't do that - 1099's can only be issued for money earned. Somebody could have $700 in their account that they just deposited right before FT closed. That is not money earned.

If they don't have some way of differentiating between money deposited and money earned, good luck dodging taxes.

Pretty sure they'll take it anyway, and let us sort it out on tax day.

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