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ShootingHank
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04-30-2020, 08:46 AM

If he pulls a stunt like this towards the IRS it can be jail time.
  
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Nostroke
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04-30-2020, 08:48 AM

Quote:
Originally Posted by ShootingHank View Post
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.
  
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04-30-2020, 08:51 AM

If one is only familiar with his chat board false bravado one would have to believe he would. But we all know better....

Quote:
Originally Posted by TATE View Post
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?


"I never exaggerate or embellish"
  
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ShootingHank
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04-30-2020, 08:54 AM

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Originally Posted by Nostroke View Post
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.
  
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Nostroke
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04-30-2020, 08:57 AM

Quote:
Originally Posted by ShootingHank View Post
You have a handicap parking placard don't you.
NO but I'm sure you are working on your GED-Good luck-Hope you can get it though it will be tough for you.

Last edited by Nostroke; 04-30-2020 at 01:07 PM.
  
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logical
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04-30-2020, 09:18 AM

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.
  
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04-30-2020, 09:20 AM

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Originally Posted by JB Cases View Post
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!


.
  
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Nostroke
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04-30-2020, 09:30 AM

Quote:
Originally Posted by logical View Post
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!
  
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  (#339)
HawaiianEye
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04-30-2020, 09:30 AM

Quote:
Originally Posted by TATE View Post
It's a 5 piece cue. It was a two piece cue but John converted it after the match.
If he would have had a Jackpot, he would have won.


The Hustler

Such a man spends all his life playing every day for small stakes. Give him every morning the money that he may gain during the day, on condition that he does not play-you will make him unhappy. It will perhaps be said what he seeks is the amusement of play, not gain. Let him play then for nothing, he will lose interest and be wearied. ***Blaise Pascal***
  
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  (#340)
TATE
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04-30-2020, 09:31 AM

Quote:
Originally Posted by logical View Post
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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Snooker Theory
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04-30-2020, 09:34 AM

Quote:
Originally Posted by TATE View Post
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?
When John has his nose wide open, I would think he would, but I don't know Lou.
  
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TATE
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04-30-2020, 09:35 AM

Quote:
Originally Posted by Nostroke View Post
Yeah i think he would now that he has that easy victory over him-He'd be a fool not to.
Even with that, I really don't think Lou would step up with his own money.


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Last edited by TATE; 04-30-2020 at 09:39 AM.
  
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Snooker Theory
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04-30-2020, 09:38 AM

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Originally Posted by Matt_24 View Post
Yes, I've known many of these types in the pool room. Too many. It's unfortunate when someone can't play pool because they love the game.

First, let me say - John is a great casemaker...but I'm not sure about his "business" skills. And he has no business trying to play pool for money. At all.

He and Karen came through Richmond, VA in April of 2014. I ordered an Air Force themed custom case from him in person, gave him a 50% deposit, talked my friend who owned the pool room (Diamond Billiards in Midlothian) into buying some cases John was selling from his vehicle (because they ARE great cases), which he did, and John told me my case would be made in 8 weeks.

BTW - I have ALL of the FB messages saved, which I'm reviewing.

Fast forward to Jan 2016. It never happened. I was really disappointed. I told him, dude, I just want to pay you whatever you ask to make this case and I just get ignored. Super disappointing. So I unfriended him on FB and wrote it off.

If John put all of his tremendous FOCUS and ENERGY into strictly his business and customers he could be a millionaire. Quit the bs and trying to be Mr. Gambling Big Shot and start trying to be the best business man you can be and the sky is the limit. And I'LL STILL take that case and pay you the remainder for it if you ever want to complete it (6 years later). I still think your cases are the best.
I wish I could carry myself more like you, I don't know how I would have handled a situation like that, but I doubt it would be anywhere as coolheaded as you.
  
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Nostroke
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04-30-2020, 09:42 AM

Quote:
Originally Posted by tate View Post
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.
Thank you! Anyone seen ShootingHank? lol

Last edited by Nostroke; 04-30-2020 at 09:58 AM.
  
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04-30-2020, 09:43 AM

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Originally Posted by lfigueroa View Post
Better to leave some money on the table than your ass.

I think most guys here can easily see why people who have that kind of money would want to back me in a match against you. That you can't see it just proves how much of a sucker you are.

Lou Figueroa
Don't get too bold Lou. From what I saw, he is horrible and you are just above bad!
  
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