So, how much did he lose ?

JB Cases

www.jbcases.com
Silver Member
oh, it's true about the backers -- and lots and lots and lots of guys, at all different skill levels up to the most elite of pros get staked, for many different reasons.

As to the lesson not learned: that you should not be gambling at pool for a lot of dough. Case in point: getting your nose wide open and going off like SpaceX for $35,000 (or was it closer to $66,000?).

Lou Figueroa

So when i win does that mean the lesson is to keep playing for money? This is what you will never get. You're a small time Charlie. And that's fine but you can't begin to understand me. Me, with all of my issues, am still a better person than you. I don't hide, don't denigrate then apologize then stab in the back as you do. That's you and your way.

You might have backers you might not, it's a story at this point and one that doesn't even really matter because really Lou at this point your only value to the pool community is that you played me. And that value fades a little more each day.

The truth is that people would rather be more like me than more like you. That probably stings a bit but people prefer those who take risks and go for it. And when the risk takers crash the critics get their licks in and the fans have lively risk/reward conversations.

People like me give people like you something to talk about and you're welcome. Your life advice though is not wanted, needed or accurate. I will listen to people whom i respect, who are honest and have actually done worthwhile things.

And again, thank you for helping to promote my business. Every time you respond i get more people looking at my logo and we can do this dance until the end of time. Happy to keep this thread at the top for years if that's how you want it.

Because in the end Lou you will continue to be you and tell your story and i will tell mine but unlike you i get a tangible benefit through more case sales. Why? Because most people don't give a shit about my personal pool exploits when it comes to their case buying decisions. But getting them to see what we make is the problem so every exposure to my logo and website counts. If threads like this, which i didn't start, are that avenue that results in a sale that's great. And it does so again thank you. You won a match and your group got ten thousand dollars to split between you. I consider that to be more than fair compensation for the years of promotion you provide. It's like you allowed me to imprint JB Cases on your forehead. In fact that might be a funny meme.

If i were dishonest and malicious i might have people start threads just to get you to talk about me. But i am not and don't need to promote that way. However i am fully ok with you taking about me wherever you want to and for as long as you want to. And if you lie that's ok too. You're a bonafide professional public relations guy so i know whatever story you tell it will be unprovable but sound plausible. So go for it. My friends will let me know if I need to step in.
 

JB Cases

www.jbcases.com
Silver Member
The amount was about 35k. Please stop saying otherwise. I don't know where this 66k bullshit is coming from. Both numbers suck but let's be accurate ok.

Edit: i just went and added it up, forget about a bet so it's actually about 41k.

Now you have the right number.
 
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TATE

AzB Gold Mensch
Silver Member
The bottom line to me is this and all that matters. When it comes right down to it, all the shit talk and bow wow barking. For a decent stake,

Does anybody here really think Lou would play John with his own money?
 
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Nostroke

AzB Silver Member
Silver Member
The bottom line to me is this and all that matters. When it comes right down to it, all the shit talk and bow wow barking. For a decent stake,

Does anybody here really think Lou would play John with his own money?

Yeah i think he would now that he has that easy victory over him-He'd be a fool not to.
 

Nostroke

AzB Silver Member
Silver Member
Actually all promotion is an expense but beyond that gambling losses can be claimed anyway if i chose to.

But i will put the loss in the expenses as i have always done because i do promote my business with entertaining love streams featuring me competing for money. Still a loss i would rather have not taken but i am certainly not going be taxed on that money. That's just legal, normal and smart business.

Gambling losses are only deductible against gambling winnings. Possibly different if you are a professional gambler which you are not.
 

ShootingHank

AzB Silver Member
Silver Member
Gambling losses are only deductible against gambling winnings. Possibly different if you are a professional gambler which you are not.

He can issue the winners a 1099 for anything above $600.

The winners will be taxed on the amount John pays them.

If John involves the IRS then all bets will be nullified because neither participants in this ordeal will want to raise a red flag with the IRS.
 

ShootingHank

AzB Silver Member
Silver Member
Actually all promotion is an expense but beyond that gambling losses can be claimed anyway if i chose to.

But i will put the loss in the expenses as i have always done because i do promote my business with entertaining love streams featuring me competing for money. Still a loss i would rather have not taken but i am certainly not going be taxed on that money. That's just legal, normal and smart business.

Call them up and ask for their social security or tax payers identification number then for 2020 you can issue them a 1099.

Tell them you hired them for a stream to advertise your company and the gambling was an act/fake but the money paid sponsorship to these guys in the garage.
 

Nostroke

AzB Silver Member
Silver Member
He can issue the winners a 1099 for anything above $600.

The winners will be taxed on the amount John pays them.

If John involves the IRS then all bets will be nullified because neither participants in this ordeal will want to raise a red flag with the IRS.

a 1099 can be issued in any amount- It is mandatory if you paid out $600 or more. I'll repeat-Gambling losses are only deductible vs gambling winnings.

All gambling winnings are taxable.
 

ShootingHank

AzB Silver Member
Silver Member
a 1099 can be issued in any amount- It is mandatory if you paid out $600 or more. I'll repeat-Gambling losses are only deductible vs gambling winnings.

I'm going to say it once.....he doesn't report it as a gambling loss.

He can report it as a contract service -or- even a donation.

Why would he report it as a gambling loss. He's not a gambler.
 

Nostroke

AzB Silver Member
Silver Member
I'm going to say it once.....he doesn't report it as a gambling loss.

He can report it as a contract service -or- even a donation.

Why would he report it as a gambling loss. He's not a gambler.

He can report it any way he wants and the IRS will look at it per their rules. An individual cannot issue a 1099. A business can but the gambling match between JB and Lou was not a business transaction. Im so glad you wont repeat bullshit again.
 

Hungarian

C'mon, man!
Silver Member
If one is only familiar with his chat board false bravado one would have to believe he would. But we all know better....

The bottom line to me is this and all that matters. When it comes right down to it, all the shit talk and bow wow barking. For a decent stake,

Does anybody here really think Lou would play John with his own money?
 

ShootingHank

AzB Silver Member
Silver Member
He can report it any way he wants and the IRS will look at it per their rules. An individual cannot issue a 1099. A business can but the gambling match between JB and Lou was not a business transaction. Im so glad you wont repeat bullshit again.

You have a handicap parking placard don't you.
 

logical

Loose Rack
Silver Member
Even in the case of an actual professional gambler, a documented loss is only valuable to the extent that it can be used to offset a reported gain.

There are no negative numbers in the tax game.
 

JAM

AzB Silver Member
Silver Member
The amount was about 35k. Please stop saying otherwise. I don't know where this 66k bullshit is coming from. Both numbers suck but let's be accurate ok.

Edit: i just went and added it up, forget about a bet so it's actually about 41k.

Now you have the right number.

I remember at SBE, you enjoyed the action. I always respected that about you, how you would post up without hesitation and enjoy the ride, whether you were staking or playing.

While everybody else is huddled in the corner gossiping about you, JB, you're in the middle of the room having a good time with the majority of folks.

Just like Minnesota Fats says, "You see, there's two different—there's a scuffler and a hustler. A hustler is one that's always in action and gets it once in a while, see, and a good hustler gets it more often. Then there's a scuffler. He never gets it. Understand? All he ever does is waste his time, gets in everybody's way. You understand? He goes through life, and he's a failure."

You're certainly not a scuffler or a failure, JB. Others could only dream of making money in pool, but you actually did it. That's strong! :cool:
 

Nostroke

AzB Silver Member
Silver Member
Even in the case of an actual professional gambler, a documented loss is only valuable to the extent that it can be used to offset a reported gain.

There are no negative numbers in the tax game.

Thank you- I only said Possibly and that was just in case. Some IRS rules differ if you are 'professional' like a Day Trader. A professional Day Trader (My understanding though i have never claimed that status) can deduct all his losses in a year wherein an average Joe can report all his losses but will only be allowed a maximum loss of negative $3000 in one year and the rest is carried over indefinitely in 3K increments until diminished by gains or just used up over time..

Thanks for backing me up!
 

TATE

AzB Gold Mensch
Silver Member
Even in the case of an actual professional gambler, a documented loss is only valuable to the extent that it can be used to offset a reported gain.

There are no negative numbers in the tax game.

This is correct. There is actually a form to report gambling winnings. It's not a 1099 it's a W2G. It's not required to be a professional but you must itemize and the deductions can only be used to offset winnings.

John can't legally write off gambling losses though his business no more than he could write off hookers. If he paid the losses through his business he would have to report it as personal income. Business write offs are generally "ordinary and necessary business expenses". Almost all entertainment write offs are no longer deductible.

The way a business cheats in this regard typically would be to write it off as inventory or supplies. In other words, he bought materials or services from these individuals and forgot to 1099 them. It's not a good thing and would likely be questioned and exposed in an audit.
 
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