N.J. Casinos: Poker Winners Must Do Tax Form
ATLANTIC CITY, N.J. — Starting this week, it’s going to get harder for poker tournament winners to bluff the tax man. Casinos will be required to report winnings of $5,000 or more to the Internal Revenue Service, and will hand gamblers a tax form to record the payout.
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Poker lexicon:
- ASSAULT RIFLE - In Omaha, hole cards that are A-K-4-7 of any suit(s).
- FIRE - To make the first bet in a betting round. Used to emphasize that the player bet when a check was possible, showing strength.
- BICYCLE - The best possible low hand: A-2-3-4-5. More common term: WHEEL.
- SHOWDOWN - The point at the end of the hand where all active players reveal their cards and the pot is awarded to the winner(s).
- BAD GAME - Any game in which you figure to be the loser, because the other players are better than you.
- BOAT - A FULL HOUSE, three of a kind and a pair.
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