• Professional Poker Players
• Where Do Professional Poker Players Play Online Multiplayer
• Online Poker Play Money
• Do Professional Poker Players Play With Their Own Money

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We have talked about poker players and taxes before. However, questions remain for many players. So, USPoker.com recently spoke with Nathan Rigley, lead tax research analyst with H&R Block.

His words rang true as advice for every poker player. Whether you’re a reg at a local card club, a top touring pro or someone in between, you need to consider your tax obligations when you play poker.

All winnings are taxable

First and foremost, all gambling winnings are taxable — no matter the amount.

“Just because a taxpayer doesn’t receive a tax form does not make the winnings tax-free,” Rigley said. “Taxpayers still have a responsibility to report their prize on their tax return as ‘other income.’”

Those winning a larger amount at a casino are likely to receive a tax form, and the IRS will also receive that form. Not reporting it can have some ugly consequences, including:

• Audits
• Penalties
• Interest

Don’t leave anything to chance and don’t try to conceal. Report those winnings to avoid a lengthy, and uncomfortable, visit with the IRS.

Keeping records helps in the long run

The IRS recommends gamblers keep an accurate diary or records to substantiate wins and losses on a tax return. For poker players, that includes sessions at the tables, buy-ins and amount won or lost.

You read that correctly; record losses because you can be deduct them against winnings. Winners can deduct losses, but only as much as the amount won.

For example, a player who wins $200,000 in a big Sunday tournament online must report those winnings to the IRS. Let’s say that, in the same year, that same player lost $32,000 worth of tournament buy-ins, but profited $9,000 at cash games.

Altogether, this player will have total taxable winnings of $177,000 ($200,000-$32,000+$9,000). So, losses can help players send less of their cash to the US Treasury.

Planning is important

When it comes to tracking wins and losses, here’s what Rigley recommends to include in gambling records:

• Date and amount wagered, including tournament buy-ins
• Name and location of betting or tournament
• Amount won or lost

Obviously, online poker makes this task easier. Players can review buy-ins and wins and losses easily.

However, don’t merely rely on the poker software to keep your records. It is beneficial to review often and keep track independently.

Bettors should also keep verifiable documentation of losses and expenses including:

• Buy-in tickets
• Canceled checks
• Credit card records

As a Boy Scout, when it comes to taxes, be prepared.

Remembering expenses

This year, tax filers have some new rules. For poker players, the Tax Cuts and Jobs Act changed many aspects related to itemized deductions.

That includes the elimination of miscellaneous deductions that were subject to a 2% floor of adjusted gross income.

“This has been impactful for many taxpayers,” Rigley said. “Luckily, the deduction for gambling losses, though a miscellaneous deduction, was not subject to this floor.”

So, poker players can continue to claim gambling losses as an itemized deduction toward their gambling income. However, it is important to stay abreast of any changes to the tax code each year.

Are there differences in sports betting, poker, and other gambling?

To the IRS, there generally is no difference in various forms of gambling. The only difference may be if a taxpayer treats gambling as a sole means of earning a living.

Bear in mind, however, that the IRS is not a law enforcement agency. Even those who wager where it may not be legal are still expected to report winnings in their tax returns.

“Income from illegal gambling is treated exactly the same as those who participate in legal gambling,” Rigley says. “Gambling doesn’t make the winnings tax-free. Taxpayers who make illegal wagers and win still need to report the income on their tax return. If the taxpayer itemizes deductions, they can still deduct the loss to the extent of gain.”

Pros should treat poker as a business

Full-time players or those who view the game as more of a career have some different benefits and requirements. For instance, a pro player may be able to file as a business with a Schedule C form.

These players can also deduct expenses like a business or someone who works for himself. So, things like travel expenses, meals when at tournaments, and other business-related expenses may qualify as deductible for tax purposes.

However, filing as a business also has some additional requirements. Notably, players are potentially subject to self-employment tax and possible quarterly estimated payments. So, keeping good records and receipts is important.

There’s one additional requirement under the new tax reform. Players can no longer deduct non-wagering business expenses in excess of net wagering income. That keeps players from claiming a loss.

Save a chunk for the IRS

Players who score big in an event are advised to set a big piece of that cash aside for future taxes.

“We always suggest that the first check they should write is the IRS for an estimated payment on the taxes they will owe on those winnings,” Rigley says. “This is essentially a deposit toward your tax liability.

“The reason we suggest this is that it helps to avoid any underpayment penalties for failing to deposit enough taxes throughout the year, and psychologically it seems easier to write that check when the income is new rather than be hit with the balance due down the road when the return is filed.”

A player may also want to consider investment vehicles such as a Roth IRA or other options to lower their tax burden. An IRA also helps players plan for retirement and possible lean times.

Filing your taxes and writing a check to the IRS is never fun. However, making a concerted effort throughout the year can help take the sting out of the process.

Average Poker Players Yearly Income

Depending on what stakes they play, professional poker players can make as little as $10,000 a year up to $1,000,000 or even more.

We’ve gotten some real numbers from real pros in Florida and found that a semi-top tier live poker pro playing $5/10 NLHE can make $100,000-$250,000 a year. If you go down a rung to $2/5 NLHE, that number dips a bit, but not too much. Players at that level can average $70 an hour while players at $5/10NLHE can average $100 an hour.

Cash games give players a steadier and more predictable hourly rate, but professional tournament players go through big swings throughout the year. Some professional tournament players can go months without a big score and then have one year-saving tournament win.

How much pros make depends on how much work they’re willing to put in. That’s one of the similarities poker shares with sports betting. The more work you put into your game, the more successful you’ll be in your poker career. There will always be ups and downs, but a strong foundation will help boost the highs and mitigate the lows. Many pros often set goals for themselves. If you want to make $20,000 a month, you should frame your stakes and play style to achieve it. Don’t make it a frantic goal though, always make sure to employ proper bankroll management and always be careful when taking shots outside your bankroll.

How Much Do Professional Poker Players Make?

Professional Poker Players

Top professional poker players can easily make over $5,000,000 per year playing poker. Only a handful of players are capable of pulling off results like these though. These players know the math better than anyone, they’re feared at the tables and read any situation exceptionally well. Players at this level include Daniel Negreanu, Tom Dwan, Patrik Antonius and Phil Ivey. But even these players have tremendous swings throughout their careers. It’s hard to calculate exactly how much these players win since you have to factor in the buy-ins, stakes, swaps and other bets they make throughout the year.

Dan Bilzerian says he won $54 million off a single player and Bryn Kenney famously became the highest-earning player in history after having a phenomenal 2019. Kenney scored multiple seven-figure wins that year and won a whopping $30.3 million in a single year. He now tops the charts with $56.4 million in live tournament earnings.

While their results can vary, there’s no doubt that these guys are some of the best players in the world and have gotten there by working incredibly hard. Very few players can make it to this level and there are struggles, hard times and tons of trial-and-error on the way to the top.

Things are getting tougher too. In poker, you make money when your opponents make mistakes. There’s more poker knowledge and coaching than ever before and games are harder than they were just a few years ago. If you really want to reach the top tier these days, you’re going to have to work harder than ever.

Where Can I Play Poker Online?

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Top 5 US Poker Sites

Bankroll Management & Yearly Income

No matter what stage you’re in your poker career, responsible bankroll management is essential. Effectively managing your poker bankroll will determine your success as a player and allow you to efficiently rise the ranks in the poker world. Bankroll management can be tough even for some of the top players. It’s easy to get bored and then get carried away at higher stakes while risking too much of your bankroll.

If you stick to proper bankroll management you can blossom from an average to a good player, and maybe even a great player. Soon enough you could be one of those players on television scooping up huge pots at the href=”https://uspokersites.us/wsop/”>World Series of Poker. Like all great things, that takes time and you have to put in the hours and master the game.

Stay in the Driver’s Seat, Don’t Get Complacent

Good players can make tons of money, but they can also lose tons of money. If you play games beyond your bankroll, you extend beyond your safe zone. There’s really no limit to the kinds of games you can find out there. So no matter how much money you have, you can always outspend your means. Even if you win a big tournament for $100,000 or more, you can go broke fairly quickly if you play beyond your means.

The difference between a consistent pro and a one-hit-wonder is bankroll management while establishing a solid reputation.Some players end up getting sponsored by major sites to play in big poker tournaments. These deals are becoming rarer as the years go on though.

Most good poker player’s yearly incomes could easily exceed $50,000. It might even approach $100,000 or more. If you’re a disciplined player who’s studied the game, you should be a favorite to win, whether you play poker tournaments, cash games, or sit and go’s.

The biggest part of poker is to be consistent while adjusting to your opponents. If your poker table is aggressive, play passive. If your poker table is passive, then play aggressively. Good players understand that doing the opposite of what your opponents want is a good strategy.

Money is Just a Way to Keep Count

There are lots of ups and downs in poker. That’s why you should focus on your long term growth and profit over short term results. Big wins or losses early on could be misleading. You could be playing perfect poker, but a stretch of bad cards can put you in the red. This doesn’t mean you should adjust.

Where Do Professional Poker Players Play Online Multiplayer

Keep playing solid poker, work on your skills and you’ll eventually have an upswing. Poker can be incredibly difficult some days, yet very easy others. Focus on your approach to the game. Good players know when they made the right decision, even when they lose the hand or bust out.

Online Poker Play Money

Game selection is also important, but it requires a balance. It’s profitable to play against soft fields and weak players, but you also want to play against legit competition. This can make you a better player; iron sharpens iron. Selection is easier online than for live poker events, but you should always play the right limits. Even at the lower stakes games, there’s a lot of money to be made if you put in the hours and play solid poker.

Do Professional Poker Players Play With Their Own Money

Constant improvement is key. Even Daniel Negreanu talks about how hard it is to keep up with the next generation of poker pros. The best poker players re-evaluate themselves constantly. They analyze their failures and successes, always looking to see how they can improve. That takes an ability to self-assess with a critical, objective eye. It’s not easy, but doing that will put you ahead of the crowd.