Jackpot Poker - A form of poker in which the cardroom or casino offers a jackpot to a player who has lost with a really big hand (usually Aces full or better).
Jacks-or-Better - A form of poker in which a player needs to have at least a pair of jacks to open the betting.
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The stakes in poker can go beyond winning a hand and pocketing a few dollars you can spend on whatever you want.
Gambling earnings are taxable. They need to be included on all 1040 individual returns.
Poker, has grown in recent years to include everything from ESPN’s coverage of the “World Series of Poker” to charity fundraising games to online gambling accounts.
Players who win more than $600 must report those earnings to the IRS. Consequently, any big take at the casino or tournament needs to be included as part of your total income for that particular tax year.
There may be consequences such as penalties for omitting gambling winnings. A major concern for poker players is how to calculate their losses.
Taxpayers who are not in the trade or business of gambling can deduct gambling losses on federal Schedule A as a miscellaneous itemized deduction to reduce the total amount of income that is taxed.
However, for those who are not in the trade or business of gambling, losses are deductible only to the extent of gambling winnings reported on Form 1040.
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Everyone that plays poker in a casino wants to hit a high hand jackpot that is offered at casinos around the world. For four employees at Planet Hollywood's casino in Las Vegas, however, those high hand payouts has led to them being arrested.
In late August, the state Gaming Control Board arrested four men, that worked at the casino and authorities charged them with conspiracy, forgery, and theft. The workers all had a part in the high hand scheme.
High hands are awarded as an added bonus for poker players. Most high hand bonuses are awarded for a royal flush, but each casino also sets their own rules for additional high hand bonuses. In the case of the workers, nobody was actually hitting the high hands, but the paperwork was filled out to say someone had.
The employees would then take money that would have been awarded to the player with the high hand, and split it amongst themselves. The total amount won was only $2,000, but that has not lessened the charges that have been brought against the accused workers.
Gaming Board officials were notified after another employee felt something out of the ordinary was taking place in the card room. Gaming officials believe that the men would have continued to run the illegal operation had they not been caught.
It has not been a good couple of months for Planet Hollywood. They recently had Prive, a nightclub on their premises, shut down for illegal activity that was taking place in and around the club. The club was stripped of its liquor license, but has since received a temporary license that allows them to re-open.
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Paints - Face or picture cards (Jack, Queen and King).
Pair - Two cards of the same face or number value.
Pass - To fold.
Pay Off - To call on the final round of betting when you may or may not think you have the best hand.
Picture Cards - Face cards (Jack, Queen and King).
Play Back - To raise or re-raise another player's bet.
Playing the Board - In flop games when your best five card hand is all five of the community cards.
Pocket - The down cards or hole cards.
Pocket Rockets - A pair of Aces in the pocket or hole.
Position - Where a player is seated in relation to the dealer, therefore establishing that player's place in the betting order.
Post - When you post a bet, you place your chips in the pot. (You must post the Blinds.)
Pot - The money or chips in the center of a table that players try to win.
Pot Limit - This is a game where the maximum bet can equal the pot.
Prop - A person hired by the cardroom to work as a shill.
Push - When the dealer pushes the chips to the winning player at the end of a hand. It's also when dealers rotate to other tables.
Put Down - To fold a hand.
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