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heatmap
heatmap
Joined: Feb 12, 2018
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April 6th, 2021 at 10:31:23 PM permalink
this is most likely a question that will go unanswered but - lets use pokerstars as an example

is the money that ive won in my account "mine"?

there is more parts to this but i need a basic yes or no or an explanation as to why it "technically" is or is not
BleedingChipsSlowly
BleedingChipsSlowly
Joined: Jul 9, 2010
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April 6th, 2021 at 11:44:57 PM permalink
Money : something generally accepted as a medium of exchange, a measure of value. - Merriam Webster

The business presents a digital artifact with a claimed value, subject to terms and conditions. It is not your money until the business issues you currency a grocer will accept in exchange for food. The claimed value is dependent on the trustworthiness of the business.
ďYou donít bring a bone saw to a negotiation.Ē - Robert Jordan, former U.S. ambassador to Saudi Arabia
unJon
unJon
Joined: Jul 1, 2018
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April 7th, 2021 at 4:17:51 AM permalink
Quote: heatmap

this is most likely a question that will go unanswered but - lets use pokerstars as an example

is the money that ive won in my account "mine"?

there is more parts to this but i need a basic yes or no or an explanation as to why it "technically" is or is not



No. You have a claim against pokerstars for payment of that amount of money. You donít have a property right in that money. Itís pokerstars money.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
SOOPOO
SOOPOO
Joined: Aug 8, 2010
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April 7th, 2021 at 5:27:38 AM permalink
Quote: heatmap

this is most likely a question that will go unanswered but - lets use pokerstars as an example

is the money that ive won in my account "mine"?

there is more parts to this but i need a basic yes or no or an explanation as to why it "technically" is or is not



Two good answers above mine. If the purpose of this question relates to your overall net worth in a divorce proceeding, damn tooting she will say it is your money.... until half is her money....
heatmap
heatmap
Joined: Feb 12, 2018
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April 7th, 2021 at 6:40:17 AM permalink
actually these are the exact answers i expected because i assumed it wasnt mine

now

my next question

say i leave that money in my account and never withdraw it

will pokerstars in this example still have a win/loss statement at the end of the year? if its not exactly mine i never removed it - how is it a win if its technically not mine - and heres where this is going - do i have to pay taxes on it?
DRich
DRich
Joined: Jul 6, 2012
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Thanks for this post from:
heatmap
April 7th, 2021 at 7:24:03 AM permalink
Quote: heatmap

actually these are the exact answers i expected because i assumed it wasnt mine

now

my next question

say i leave that money in my account and never withdraw it

will pokerstars in this example still have a win/loss statement at the end of the year? if its not exactly mine i never removed it - how is it a win if its technically not mine - and heres where this is going - do i have to pay taxes on it?



I would argue that it is a unrealized gain until you collect it so it should not be taxable. Of course, If you sell a stock and don't withdraw the money you do still owe taxes on it.
Living longer does not always infer +EV
heatmap
heatmap
Joined: Feb 12, 2018
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April 7th, 2021 at 8:03:13 AM permalink
im going to leave it at this ty for the responses
billryan
billryan 
Joined: Nov 2, 2009
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April 7th, 2021 at 8:04:19 AM permalink
I've asked a similar question.
If I win $5,000 in November playing BJ, but don't cash in the chips until my next trip n March, which year do I report the winning?
heatmap
heatmap
Joined: Feb 12, 2018
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April 7th, 2021 at 8:11:27 AM permalink
Quote: billryan

I've asked a similar question.
If I win $5,000 in November playing BJ, but don't cash in the chips until my next trip n March, which year do I report the winning?



seems like a state of limbo

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