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LVRJ: Professional gamblers gain with tax ruling

#1

LVRJ: Professional gamblers gain with tax ruling

http://www.lvrj.com/business/professional-gamblers-gain-with-tax-ruling-117971244.html

or

http://tinyurl.com/4hk9evd

<a href="http://tinyurl.com/4hk9evd">
http://tinyurl.com/4hk9evd</a>

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#2

They missed the entire point of the ruling. Pros could always deduct
expenses. This just allows them to use expenses to create a net operating
loss for a losing year.

Cogno

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-----Original Message-----
From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf Of
vpFREE Administrator
Sent: Monday, March 14, 2011 10:10 PM
To: vpFREE@Yahoogroups.com
Subject: [vpFREE] LVRJ: Professional gamblers gain with tax ruling

LVRJ: Professional gamblers gain with tax ruling

http://www.lvrj.com/business/professional-gamblers-gain-with-tax-ruling-1179
71244.html

or

http://tinyurl.com/4hk9evd

<a href="http://tinyurl.com/4hk9evd">
http://tinyurl.com/4hk9evd</a>

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This link is posted for informational purposes and doesn't constitute an
endorsement or approval of the linked article's content by vpFREE. Any
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#3

They missed the entire point of the ruling. Pros could always deduct
expenses. This just allows them to use expenses to create a net operating
loss for a losing year.

Cogno

Your right, and if a pro gambler self inc they already could create a loss.
Will it allow pros (people who eat off their winnings and have no other job) to carry forward or back losses to another tax year as any other bizness now banned by statue ?

THAT would be sweet!

M J

···

--- In vpFREE@yahoogroups.com, Cogno Scienti <cognoscienti@...> wrote:

-----Original Message-----
From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf Of
vpFREE Administrator
Sent: Monday, March 14, 2011 10:10 PM
To: vpFREE@…
Subject: [vpFREE] LVRJ: Professional gamblers gain with tax ruling

LVRJ: Professional gamblers gain with tax ruling

http://www.lvrj.com/business/professional-gamblers-gain-with-tax-ruling-1179
71244.html

or

http://tinyurl.com/4hk9evd

<a href="http://tinyurl.com/4hk9evd">
http://tinyurl.com/4hk9evd</a>

*************************************************
This link is posted for informational purposes and doesn't constitute an
endorsement or approval of the linked article's content by vpFREE. Any
discussion of the article must be done in accordance with vpFREE's rules and
policies.
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#4

Cogno,

I would like to know how increasing your net loss another $10,000 has any value unless you have other income to offset. The other thing that smells funny is his total action is only $130,000. This does not sound like a full time professional. Even if his theo is 5% which is probably unrealistic with today's high takeout (rake for you poker players) his theo profit is $6500 minus expenses of $10,000 for a negative expectation of $3500. How does he qualify as a professional gambler with that kind of business plan? This doesn't make any sense!

Chris

···

--- In vpFREE@yahoogroups.com, Cogno Scienti <cognoscienti@...> wrote:

They missed the entire point of the ruling. Pros could always deduct
expenses. This just allows them to use expenses to create a net operating
loss for a losing year.

Cogno

-----Original Message-----
From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf Of
vpFREE Administrator
Sent: Monday, March 14, 2011 10:10 PM
To: vpFREE@…
Subject: [vpFREE] LVRJ: Professional gamblers gain with tax ruling

LVRJ: Professional gamblers gain with tax ruling

http://www.lvrj.com/business/professional-gamblers-gain-with-tax-ruling-1179
71244.html

or

http://tinyurl.com/4hk9evd

<a href="http://tinyurl.com/4hk9evd">
http://tinyurl.com/4hk9evd</a>

*************************************************
This link is posted for informational purposes and doesn't constitute an
endorsement or approval of the linked article's content by vpFREE. Any
discussion of the article must be done in accordance with vpFREE's rules and
policies.
*************************************************

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#5

<<I would like to know how increasing your net loss another $10,000 has any
value unless you have other income to offset.>>

Net operating losses can be carried back and forward to offset other years'
taxes.

<<The other thing that smells funny is his total action is only $130,000.
This does not sound like a full time professional. Even if his theo is 5%
which is probably unrealistic with today's high takeout (rake for you poker
players) his theo profit is $6500 minus expenses of $10,000 for a negative
expectation of $3500. How does he qualify as a professional gambler with
that kind of business plan? This doesn't make any sense!>>

Good catch. I don't think the IRS has that kind of perspicacity. If he
continues losing, they may disallow it.

Cogno