Tag Archives: Online poker

Basic steps to play casino games

Does anyone know what game they were playing in _Lock, Stock, and Two Smoking Barrels_ when the guys lost the $500K?  It looked like some kind of three-card closed form stud, but I don’t believe every player had to have the same stake in the pot. When the big crime boss bet $250K, our hero had to come up with $500K to “call” (and they were heads up.)

 

Answer 1:

I think that was an old-style game called Brag, which is an ancestor of poker, but I’d never seen the like of it, and am perfectly willing to stand correction on it.

Answer 2:

I don’t know what game it was, but I believe you are mistaken about the stakes. If I’m not mistaken, the crime boss bet 250K and the young guy either had to have someone else loan him the money, since he was out, or he lost. The crime boss stepped up and said that he would loan him the money, since no one else would, but informed the kid that he would need 500K to see the hand to the end, indicating that he was going to keep raising, possibly one more bet in the amount of 250K, although I’m not sure how he could raise if the young kid only called.  But like I said, I don’t know what game they were playing, so I could be completely wrong. This is just the impression that I got from the movie.

Answer 3:

The game was Three Card Brag, still fairly popular in home games inBritain. Hand rankings go (I believe) Nothing, One Pair, flush, straight, 3 of a kind, str8 flush. Not too sure about the ordering of the last two, but I do remember that a straight ranked higher than a flush for some reason.


Question on Tax Laws and Gambling

I’m pretty ignorant to the tax laws, but I’m curious: Is money made in online poker (offshore) taxable?

Answer 1:

While I can’t guarantee I’m right, I’m pretty sure that any income made overseas by a U.S. resident is subject to U.S. Federal Income tax.  If you pay taxes to the foreign country, you might get an offset to that amount, but I doubt you’re paying any Costa Rican taxes at the Planet or Paradise Poker sites.


Answer 2:

It is defiantly taxable, but the US Gov’t has no idea that you earned the income – so they put the responsibility on you to report it in “other taxable income not reported” – this is were they get you for tax evasion (But don’t worry – that only holds true if it is over 10% of your AGI “adjustable gross income”)

Answer 3:

The short answer:  Yes.  If you are residing in the US, it doesn’t really matter where you earn the money.  It’s taxable. If you are a US citizen who lives abroard (or is physically present in the foreign country for a substantial part of the tax year), then foreign income is excludable.