Ten Tax Tips for Gamblers and Poker Players

Taxes for gamblers is a complex area. There is no such thing as ‘one size fits all.’ Here, though, are my top ten tax tips for gamblers….

CAP - To cap the betting is to make the last permitted raise in a round.
RACE - In tournaments it is sometimes convenient to remove all lower-denomination chips from play, as the remaining players' stacks tend to grow. Small chips are converted to larger chips and any odd chips are "raced off" in the following way: each player with odd chips places them in front of his stack and is dealt one card for each chip. Highest card (rank and suit) takes all the small chips and converts them to higher-denomination chips.
RUSH - A winning streak. Also "ON A RUSH".
FLOP - [1] In Hold'em, the first three community cards, dealt simultaneously. [2] To deal a flop, or to make a hand on a flop. "I flopped trips".
RIVER - The last card dealt in a hand of stud or Hold'em.
PASSED OUT. - A hand in which nobody opens. What happens next is a function of the game being played.

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