Use the $10k for WSOP or landscape our back yard?

[Pablo Sanchez]

So I just wanted to see what everyone's opinions was as to whether I should play in the big show next June or use the money to do something practical to finish our back yard ????????

[Robert]

I voted for investing. I mean, of course, investing in my poker career. You can send me a check.

If you'd rather not invest in my poker career, that money will pay for about 20% of my next bike...

[Quads]

First thinig I say is that you and Baby go get a nice steak and a bottle of wine.

(personally)
Then, I'd say you take it and buy her the backyard she wants.

You'll make the money to buy your way into the WSOP and or win a satellite when the time comes. And in the process, you can sit in your backyard looking across the landscape thinking "thanks harvery's"

[Ace-in-Space]

Backyard, schmackyard. Poker, schmocker. Why don't you two start a family? I am sure $10,000 (after taxes) will go a long way towards raising children. After all, I shouldn't be the only one that have to stay home after work and watch kids instead of attending all the BYOC events I want. You two could suffer along with me. Misery loves company.

[Quads]

Taxes?
He got paid in cash.....

Track that IRS

[Pablo Sanchez]

Actually, unfortunately only $500 was paid in cash. They made me fill out a form for the other $10k, which will be taxed.
Although, if i use to play the WSOP, I can write off any losses against the $10k.

[Quads]

You should have asked for it in chips, and tell them you want to go play blackjack and (please) extend your reservation for another few nights.

Grab the chips, play a few $5 dollar hands at blackjack, then head for hte cage.

Of course you would have a hard time getting them to do that, (but perhaps not).

[Stockton_Dave]

I'm not an accountant but if you won the money in 2004, how can you deduct any losses in 2005? Seems like the IRA is ony gonna allow deductions (gambling losses) for 2004 against this windfall. Unlike capital gain losses, which can be carried over until you use them up, I don't think gambling losses can be carried over, nor can gambling winnings be deferred to next year.

Now if you don't take possession of the cash, then that might be another story. Check with your accountant. Of course if you win the WSOP 2005 then you're really gonna be screwed with tax problems. :wink:

Now with that said, what's to keep you from taking the money, going to Harvey or any casino for that matter for ten weekends, writing a check for $1000 at the cage, getting the proceeds in chips, slip $900 into a no-touch pocket and play with the remaining $100. Then walk to a different cage and cash out all your chips. Take the cash and stuff it in the mattress or safe deposit box. Use the cancelled check as "proof" of your loss. I don't know what the max amount you can cash out before they make you provide your SSN. I thought it used to be $10K.

[Boogy]

Double up your money in blackjack and do both.