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Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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fatduck
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Postby fatduck » Sat Jan 29, 2011 8:37 pm

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Last edited by fatduck on Sat Feb 12, 2011 4:36 pm, edited 1 time in total.

too old for this sh*
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Re: is a poker bankroll cash-on-hand?

Postby too old for this sh* » Sun Jan 30, 2011 6:32 pm

fatduck wrote:I don't think anyone has ever asked this before...

Let's say that based on the earnings of myself and my parents I expect to qualify for need-based aid. Most schools ask how much cash you have (sometimes they specifically ask for your checking/savings balance I think), and I assume they'd expect you to contribute that money before they would start to provide need-based aid. Do you have to disclose money in an online poker account?


I am presuming that you are located within the United States, which means that, in other words, you are effectively asking:

'do I need to disclose to the school I hope to attend that I may have funded an account that requires one to engage in a deposit method contrary to federal law?'

or perhaps you are asking:

'so just how much of a ding will I get on ethical considerations if they find out about funds held off-shore that I *might* be able to explain away as having been pre-UIGEA but instead chose not to disclose?'

And yes, I have answered this as someone who has previously played online but instead keeps a stash for live play and understands the nuances of and arguments against the absurdity that is the UIGEA as well as other statutory provisions (ie. the Washington situation).

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fatduck
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Re: is a poker bankroll cash-on-hand?

Postby fatduck » Sun Jan 30, 2011 9:50 pm

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Last edited by fatduck on Sat Feb 12, 2011 4:36 pm, edited 1 time in total.

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Re: is a poker bankroll cash-on-hand?

Postby too old for this sh* » Sun Jan 30, 2011 10:09 pm

If it is accounted for on your taxes, then you have pretty much put it on the table...now ask yourself whether you want to risk C&F issues by NOT declaring it for FAFSA (or other aid-related) purposes...

The online account IS a defacto savings account in that you are making routine deposits and/or withdrawals into it...it just is not one that is interest-bearing.

As to specialized professionals, I know there were some CPA's and other tax professionals who were hanging out on 2+2, especially in the litigation forum (I seem to recall a few who showed up around the time of the Illinois suits). Have no idea about whether they have dealt with the question as it relates to FAFSA...but few are likely to be in favor of any manner of deliberately omitting information.

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fatduck
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Re: is a poker bankroll cash-on-hand?

Postby fatduck » Sun Jan 30, 2011 10:17 pm

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Last edited by fatduck on Sat Feb 12, 2011 4:35 pm, edited 1 time in total.

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helloperson
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Re: is a poker bankroll cash-on-hand?

Postby helloperson » Mon Feb 07, 2011 1:59 am

Interesting question. I would say no because it's technically illegal for you to move that money from your poker account to your bank account, but I am not yet a lawyer.

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Re: is a poker bankroll cash-on-hand?

Postby too old for this sh* » Mon Feb 07, 2011 10:55 am

helloperson wrote:Interesting question. I would say no because it's technically illegal for you to move that money from your poker account to your bank account, but I am not yet a lawyer.


But...a check can still be issued for those proceeds, making it more on par with an asset such cash reserves in the investment accounts. Not all online poker distributions are directly into bank accounts. Many people get them and cash the check somewhere OTHER than where they normally bank (at least post-UIGEA enforcement such as we really began seeing in the past year).

BeenDidThat
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Re: is a poker bankroll cash-on-hand?

Postby BeenDidThat » Mon Feb 07, 2011 11:09 am

Let's see. Need-based aid. Schools want to help people who don't have funds with which to pay for law school. You want to know if you should tell schools about the funds you have for playing poker. Because you don't want to use those funds to pay for law school and want the school to contribute as much money as possible to your legal education.

While you may one day make a fantastic tax lawyer (read: good at hiding clients' assets), you and I both know full well that this doesn't pass the smell test.

I have in mind two institutions that may be able to answer your question with full knowledge: your school and the fine folks of the bar association in the state you plan to practice in. They might be able to tell you if your strict construction of the FAFSA language would be construed as anything other than evasive.




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