vpFREE2 Forums

Filing taxes as a professional gambler

#1

This is an area where individual circumstance will be taken into consideration by the IRS. Some professional gamblers do have other jobs , don't gamble
40 hours a week, and 3 out of 5 year profit is not a cut-and-dried must.
Again, "Tax Help for the Frugal Gambler" discusses at length the pros and cons of filing as a professional. Too complicated to answer in one e-mail.

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________________________________________
Jean $�ott - http://www.FrugalGambler.biz
  Tax time is coming up - groan! "Tax Help
   for the Frugal Gambler" can answer many
   of your questions!

#2

This is an area where individual circumstance will be taken into
consideration by the IRS. Some professional gamblers do have other

jobs ,

don't gamble
40 hours a week, and 3 out of 5 year profit is not a cut-and-dried

must.

Again, "Tax Help for the Frugal Gambler" discusses at length the pros

and

cons of filing as a professional. Too complicated to answer in one e-

mail.

Jean, in your book it seems implied that a weekend gambler who works at
a real job 40 hours a week, gambles 10-20 hours a week, and makes only
20% of his annual income through gambling is going to have a very
difficult time filing as a professional gambler. Is that a fair
characterization of what you and Melissa have learned?

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--- In vpFREE@yahoogroups.com, "Jean Scott" <QueenofComps@f...> wrote:

#3

<<Jean, in your book it seems implied that a weekend gambler who works at
a real job 40 hours a week, gambles 10-20 hours a week, and makes only
20% of his annual income through gambling is going to have a very
difficult time filing as a professional gambler. Is that a fair
characterization of what you and Melissa have learned?>>

"Difficult" is the key word - difficult but not impossible. Marissa says in the book: "...you .... have to show that the profession of gambling has to be the primary one on as many levels as possible: time, earnings, expertise, etc." This implies that if you are minimum on one level, you would need to be very strong in some other levels.

···

________________________________________
Jean $�ott - http://www.FrugalGambler.biz
  Tax time is coming up - groan! "Tax Help
   for the Frugal Gambler" can answer many
   of your questions!