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Tax deductions

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  1. G6Dragon G6Dragon is offline

    Oshkosh, WI
    United States

    Posts: 202
    Joined: Sep 05

    Jan 29th, 2012 (1/29/2012 6:31pm)

    This year I used a standard mileage deduction of .51/mile instead of itemizing my vehicle costs, I think this is perfectly legit but it seems really rigged, for instance i drive out for the WSOP each year from Wisconsin, which is an 1800 mile drive, both ways. At .51/mile i'm getting a deduction of over $1800 for this, which is awesome but seems like cheating as i'm actually earning money to drive out there. So can any of the tax savy p5ers tell me if using the standard mileage deduction is allowable for a professional poker player? Turbo Tax seems to think so, just looking for some reaffirmation.
     
  2. GINS FINEST GINS FINEST is offline

    Montreal
    Canada

    Posts: 552
    Joined: Sep 08

    Jan 29th, 2012 (1/29/2012 6:50pm) in reply to G6Dragon

    I'm listening to turbo tax. Doing my taxes right now, good luck.
    675 
  3. phatcat phatcat is offline

    Hutchinson, KS
    United States

    Posts: 1,530
    Joined: Apr 05

    Jan 29th, 2012 (1/29/2012 7:25pm) in reply to GINS FINEST

    yes, it is legit.
    444 11
  4. G6Dragon G6Dragon is offline

    Oshkosh, WI
    United States

    Posts: 202
    Joined: Sep 05

    Jan 29th, 2012 (1/29/2012 7:46pm) in reply to phatcat

     
    Originally Posted by phatcat View Post

    yes, it is legit.

    Ok excellent, thanks
     
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  5. Appst08 Appst08 is offline

    Posts: 5,543
    Joined: Sep 07

    Jan 29th, 2012 (1/29/2012 11:27pm) in reply to G6Dragon

    As far as I know. Anything that helps you with your job, which is gambling, can be written off for a deduction. From Computer, Mouse, etc to Toll roads, gas, car maintance.

    Don't quote me and im sure somebody can for sure say itt
     
  6. G6Dragon G6Dragon is offline

    Oshkosh, WI
    United States

    Posts: 202
    Joined: Sep 05

    Jan 30th, 2012 (1/30/2012 12:05am) in reply to Appst08

    Yes, I've always deducted Gas and other car expenses I've had, this is the first year turbo tax suggested i take the standard mileage deduction though which lead to a much larger deduction. So would suggest any other pros do the same.
     
    Thread Starter
  7. CPAEvil CPAEvil is offline

    Gainesville, GA
    United States

    Posts: 40
    Joined: Mar 06

    Feb 1st, 2012 (2/1/2012 8:44pm) in reply to G6Dragon

    The mileage is fair as it is meant to include things like depreciation, repairs, gas, etc. Enjoy the large deduction!!!
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