Does anyone know the advantages/disadvantages to declaring yourself a
Prof. Gambler for tax purposes?
Profesional Gambler
I would think that you would be able to deduct business expenses, transportation to casinos, etc.. But earnings would be subject to self employment tax, about 15%.
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--- On Thu, 6/26/08, maclarenv12 <ahduff@yahoo.com> wrote:
From: maclarenv12 <ahduff@yahoo.com>
Subject: [vpFREE] Profesional Gambler
To: vpFREE@yahoogroups.com
Date: Thursday, June 26, 2008, 4:27 PM
Does anyone know the advantages/disadvan tages to declaring yourself a
Prof. Gambler for tax purposes?
[Non-text portions of this message have been removed]
Advantages:
Can net sessions on Sched C, avoiding the deleterious effects of an
artificially high AGI
Can deduct business expenses such as travel, books, software, etc
Disadvantages:
You have to pay the 15% or so self employment tax
You increase your chance of IRS scrutiny
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On 6/26/08, maclarenv12 <ahduff@yahoo.com> wrote:
Does anyone know the advantages/disadvantages to declaring yourself a
Prof. Gambler for tax purposes?
<<Does anyone know the advantages/disadvantages to declaring yourself a
Prof. Gambler for tax purposes?>>
This is a very serious decision and can't be "explained" in a couple of phrases or sentences. This is a case where a little information can be dangerous to your wallet!!!! It is discussed at length in a whole chapter in "Tax Help for Gamblers," By the way, this book is now available in eBook form for a very reasonable $9.98 and you can download it immediately.
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Jean $�ott, Frugal Gambler
http://queenofcomps.com/
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