Calcutta???

mike phelps said:
i was refering to kentucky and please don't take this as legal advise, but "CALCUTTA" is posted on tournament advertising in Pool, Golf, ect. everywhere in kentucky, if it was illegal it might as well read "WE WILL BE SELLING POT AND HAVING THE CALCUTTA AT 8:00 PM" thanks and please check your state laws before gambling or having calcutta's
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Actually Mike, I think that calcutta's are illegal in Ky. I heard of a tournament somewhere around Frankfort getting busted a couple of years ago. I think people are comfortable with the calcutta's because most of the laws regarding gambling were put on the books back many moons ago when the governments were trying enforce prohibition type laws. In Danville, there's a law( I'm guessing it's still on the books) that prohibits 9-Ball because it promotes gambling. I would say that there's a lot of Ky. communities that have similar laws. I'd say that's the reason that Bank pool is such a popular game in this state. It's not that the "old timers" didn't like 9-ball, it's because it was illegal to play. Most of your gambling offenses are misdemeanor charges anyway.
 
As far as the IRS goes, how much money do you have to bring in to have to report it to the IRS? Is it a one time tourney win over $1000 (or whatever)...or the total made off of 50 tourneys...or..? If its anything over $1000 and you win 50 $999 tourneys and almost make $50,000 that would have to be reported right?
 
UWPoolGod1 said:
As far as the IRS goes, how much money do you have to bring in to have to report it to the IRS? Is it a one time tourney win over $1000 (or whatever)...or the total made off of 50 tourneys...or..? If its anything over $1000 and you win 50 $999 tourneys and almost make $50,000 that would have to be reported right?
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they "WANT" it all to be reported but we all know how much is reported. if you are going to report winnings you can also report loosing and expenses, just as you would in a business
 
Yeah there is that also...could you start your own business TSPP, Inc....Todd Speakman Pool Player, Inc. and write off your new custom pool cue as equipment as long as you claim your winnings, pay your business taxes/fees etc.
 
UW,

I'm not sure what the exact amount is now. I played a tournament in Reno a few years ago and won $680 and I was just below the mandatory reporting amount. I think at that time it was somewhere around $700. I think the minimum amount has changed a little since then. I believe it is higher than $700 but not positive.



UWPoolGod1 said:
As far as the IRS goes, how much money do you have to bring in to have to report it to the IRS? Is it a one time tourney win over $1000 (or whatever)...or the total made off of 50 tourneys...or..? If its anything over $1000 and you win 50 $999 tourneys and almost make $50,000 that would have to be reported right?
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In Maryland a few years ago it was $600. It has probably increased the past couple years. One Fire Dept that had 2 BINGO jackpots of $1000, changed it to 3 or 4 $600 jackpots so they didn't have the hassle of tax paperwork and the winner didn't have to report it. They could still write off their losses. Not sure about pool these days. I haven't been to a real tournament in Maryland for several years.

Phyllis Gumphrey
 
Yeah but $700 at one time to be reported or total for the year. I know some people who won some larger tourneys in Seattle ($2000 1st, $1200 2nd) had to fill out a form right there and then saying they won it. So I wouldn't have to report any of the money if I won $5000/yr playing in rinky dink bar tourneys, but would the $700 one time larger one. I'll bet a lot don't
 
yobagua said:
Calcutta is a city in India. Does anyone know the origin of the use in gambling? Does anyone know when it was first used? Here's one for Mike Shamos.
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This bugged me to no end. I HAD to find out. After research, the best info I found was that it was first used in horse racing at the Calcutta turf club in India.
 
UW,

You will only have to report winnings when you're in a tournament or gambling in a legal gambling establishment. If you win $50,000 in a bar against an individual, reporting that win to the IRS is between you and your conscience. In most states, California included, you're not supposed to be gambling anyway unless it's in a legal gambling establishment. Almost everyone turns a blind eye to it though almost everywhere.


UWPoolGod1 said:
Yeah but $700 at one time to be reported or total for the year. I know some people who won some larger tourneys in Seattle ($2000 1st, $1200 2nd) had to fill out a form right there and then saying they won it. So I wouldn't have to report any of the money if I won $5000/yr playing in rinky dink bar tourneys, but would the $700 one time larger one. I'll bet a lot don't
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Well that was why I was wondering. Last year I probably made $3500 - $4500 playing in bar tourneys. Take away an occasional two-and out money, a few beers here and there, and its not alot of gain...which is why i was curious.
 
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