Poker Income for the Year

[shipitfish]

I love tax time. Unlike most folks, I rather enjoy filling out my own tax form. I always have, actually; it's a nice way to review the previous year's financial accomplishments. But, it is even more enjoyable now that I'm filing for the second year as a “professional poker player”, since poker income became a non-trivial chunk of earnings in 2004.

It's exciting to have my Schedule C as legal documentation that I'm a winning poker player! I can see clearly in black and white that I'm a winning player. Today, I realized that my direct gross poker earnings from playing in 2005 were $10,028. I had $2,109 in miscellaneous expenses (mostly travel expenses for casino visits), so my net income from pure poker in 2005 was $7,920.

My gross was only $992 more than the previous year. However, since I played much more online this year, I reduced my expenses by $3,392. Thus, I increased my net income from direct poker play by $4,337. between 2004 and 2005!

I am taking a short moment for some pride in this. At one point during 2005, I had a bankroll in the hundreds. (I believe right after my NYC relocation when I raided it for “real life expenses”, my bankroll was little more than $300.) I was staked at that point so I could keep playing at middle limits. (Thanks again, Mystery Man, feel free to take some credit here for the help in comments if you like — you helped me get there!). And, even after paying back the interest on that stake agreement, I came out ahead $7,920 for 2005!

Sure, I haven't lived off that amount of money in a year since I was in graduate school (and that was in one of the cheapest cities in the country). I certainly didn't make enough to go to full-time pro in 2005. But, I also spent weeks in late 2005 playing only rarely due to pressures from my “other job”. I firmly believe that I can go pro if I want to someday, and filling out my taxes reminds me I'm on that path.

Watch for more in my journal about poker and taxes later this week. The guilt trip is on its way! :)

Comments

the exact benefits with regards to this boot go far beyond their proper looks.

[(Anonymous)]

Typically think of, probability the type of top quality, to produce the particular payment. Except any time it comes to go to the Ugg sheep skin boot , preserve inside of mind which experts claim you're getting far other than really skilled looks; you're presenting everybody sound investment.The type of wool fleece would help typically the air within the the type of boot to assist you to circulate which provides typically the foot so that it will breathe. Of the course, there's no guarantee about this [url=http://www.northface-mart.com/]the north face jackets clearance sale[/url], [url=http://www.northface-mart.com/mens-north-face-apex-bionic-jackets-c-142.html]the north face apex bionic jackets for sale[/url], [url=http://www.northface-mart.com/north-face-denali-womens-jackets-c-138.html]north face denali jackets for girls[/url]! Finally, a single person's feet should no longer smell immediately after dressed in these boots. All of these boots tend to be so comfortable that they are able to be used the entire the exact time within every choices of the weather. If produced from genuine sheep skin, all the people surely will last a single prolonged time making all their acquire a good investment. Very best of most of, by way of such large numbers of versions now obtainable, there does exist sure on to possibly be an ugg sheep skin boot may well compliment everyone's tastes also financial position.The majority of everyday people need boots towards snow, so any boot which is waterproof by and large would be suitable. Simply boots will have benefits, as well as the type of ugg sheep skin boot.