Insurance and Taxes as a poker pro. What to do?

[Xaston]

[Molina]

[MVPSPORTS]

[iceman5]

[TightWad]

<insert unhelpful reply #4 here>

[k3nt]

[Molina]

Alas, I heard of someone who heard off someone who works in the Inland Revenue that poker winnings will be raked by the state in some manner. The only reason is the poker is described as a game of chance, though with a couple of poker TV channels and every bloody poker player declaring it game of skill it does do away with the illusion somewhat, Brits keep your fucking mouths shut, it pure dumb luck! okay?

But back to the original topic, the insurance is health insurance right? Well get some, I have the most sedentary life ever, play poker, watch TV, pub that's it. However took a bad beat in February and slashed my hand open, needing some surgery to recombine tendons, muscle and nerves. Then had about 3 months of physio. Point being I live a very low risk lifestyle (the smoking and drinking will get me eventually but they're things for the future) and I still got pulled into the medical machine. Don't think it can't happen to you.

Molina

[iceman5]

You could always go to a county hospital and give THEM a bad beat by paying them $1 a week for the rest of your life.

[kennyg]

I'm taking my earnings and records to HR Block. I'll show them what I earned each month. If the government has a problem, i'll just blame it on them

As for health insurance, in NC, we have Blue cross and blue shield of NC. It goes from $100-$150 a month for pretty decent insurance (I'm 22 and non-smoking.). I'm gonna pick up one of their plans soon. I dunno what health insurance rates are in other states, maybe I just got lucky in NC.

[excession]

The Revenue lost a big case in the Special Commissioners about poker income being taxable - it would require legislation not just a change in Revenue procedure to change its status.

And if they reclassify poker as a trade or profession how on earth do they differentiate between the pros and amateurs? UK tax law tends to treat all earned income as taxable

If winnings are taxable then what about setting off losses of losing players against other income?

They may for sure try to raise a levy on UK Poker Sites, but everything is offshore now and they can't just tax Brit citizens using for services outside the UK.

It's actually a tricky problem for them and I don't think it's the money the Brits are winning that they're after - it's the huge amounts of rake they'd like to charge VAT or something similar on..

Anyway - you could always take yourself off on a permanent round the world trip - spend less than 90 days of the year in Blighty and no more than 6 months anywhere else and you won't be tax resident anywhere

[BigPhish]