Tax Time Coming for Poker Players
The Internal Revenue Service has made it official, and starting today the winners of poker tournaments are going to have to report their earnings. When casinos pay out $5,000 or more to the winners of poker tournaments, the check will come along with a tax form. The initial IRS proposal would have had casinos holding a quarter of any winnings paid out in such a fashion, but the new proposal, now law, is seen as a bit of a compromise…
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Poker slang:
- CAP - To cap the betting is to make the last permitted raise in a round.
- OVERCALL - To call a bet after one or more players already called.
- DOUBLE BELLY BUSTER - A two-way inside straight. E.g., 3-5-6-7-9.
- MITES AND LICE - A hand consisting of two pair, threes over twos.
- REBUY - [1] To purchase additional chips after an initial buy-in, usually after losing most or all of the previous buy-in. This term is most often used in certain tournaments where if one loses all one's chips, or falls below a certain minimum chip level, for an additional sum of money one can purchase a fixed amount of additional tournament chips. Usually there is a time limit (The "REBUY PERIOD") as to how long rebuys are allowed. [2] The additional chips "rebought" in tournament play.
- SEMI-BLUFF - To bluff with a come hand that figures to win if it hits.
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