vpFREE2 Forums

Medicare and W-2Gs

#1

Do you use a CPA or have you been doing the Schedule C yourself?

Sandy

In a message dated 12/31/2014 4:07:27 A.M. Eastern Standard Time,
vpFREE@yahoogroups.com writes:

Once you are retired from your primary job you should have no problem
filing Schedule C as a professional gambler (your part time job) This
eliminates the issue as all W2G's and netted out with losses on Schedule C before it
is carried over as Gross Income on form 1040. . You do have to show a
profit in 3 out of 5 years, treated like a real business and pay SE Tax but you
get a lot of deductions in return you can take including trial, meals,
mileage, home office, and even take the M&E per diem while on the road.

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#2

Do you use a CPA or have you been doing the Schedule C yourself?

Sandy

Sandy, I've been doing my own for many years using H&R Blocks software. It's not that hard once you get the hang of it. If you're gonna want to be able to get bank loans and such based on being a professional gambler though it's best to get a CPA to do your taxes so that banks will accept your 1040 form as proof of income.

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