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Filing Taxes As A "Professional Gambler"?

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  1. sloverville sloverville is offline

    Louisville, KY
    United States

    Posts: 96
    Joined: Feb 06

    Dec 26th, 2007 (12/26/2007 6:05pm)

    To anybody is tax-savvy or can help me out based on knowledge/experience…

    I am self-employed and work 20-25 hours a week. The past 2 years I have also played poker on average 20-25 hours a week. I have never claimed any winnings on my tax form. This upcoming year I plan on filing as a “professional gambler” for 2008. For those who can help me out, I have a few questions…

    - What is the first step I should take in filing? I’d like to make sure I fall under the category “professional gambler” as opposed to “hobby”. Because I will devote the same if not more time to poker than my business. And I will need the money to support myself. So I don’t want to play for a given amount of time, go to file my taxes, and then find out im not classified a “professional gambler”.

    (Ive read the tax advice section and believe I qualify)

    - Does anybody pay taxes quarterly? Because I would much rather do this. Does this cost extra in tax fees?

    - Has anybody read “How To Turn You Poker Playing Into A Business: Knowing What To Deduct To Improve Your Odds With The IRS”? <SPAN> </SPAN>If so, was it very helpful?

    Thanks in advance.

    Sloverville
  2. snAAb snAAb is offline

    Portland, OR
    United States

    Posts: 46
    Joined: Oct 06

    Dec 26th, 2007 (12/26/2007 6:07pm) in reply to sloverville

    http://www.pocketfives.com/DD6E4B33-...BE6A8AF8C.aspx
  3. sloverville sloverville is offline

    Louisville, KY
    United States

    Posts: 96
    Joined: Feb 06

    Dec 26th, 2007 (12/26/2007 6:26pm) in reply to snAAb

    What does that link answer? Ive read this.
    Thread Starter
  4. scarface_79 scarface_79 is offline

    Posts: 3,626
    Joined: Dec 05

    Dec 26th, 2007 (12/26/2007 6:28pm) in reply to sloverville

    im gonna file as a professional sucker
     1
  5. pwklbc pwklbc is offline

    WI
    United States

    Posts: 2,113
    Joined: May 06

    Dec 26th, 2007 (12/26/2007 6:28pm) in reply to sloverville

    Long: How do ranked players pay taxes if they have a real job and make enough to be considered a professional gambler?
  6. ZEKAgrinder ZEKAgrinder is offline

    Cookeville, TN
    United States

    Posts: 968
    Joined: Sep 05

    Dec 26th, 2007 (12/26/2007 6:47pm) in reply to pwklbc

    I filed pro last year as upwards of 80% of my personal income came from poker. I found myself a local CPA and told them what I do and let them instruct me on how to proceed. Basically, my non poker stuff was filed the same as always, and the poker portion was filed as a schedule C(i believe), much like any home business. A good tax professional should be able to tell you what you can and cannot deduct along with what records you need to keep. I took tax courses in business school, but it was well worth the few hundred it cost me to let someone more experienced handle it. If your poker income is substantial, and your write off's are not consider investing in an IRA. If you have any specific questions feel free to pm, but I only have my personal experience to go on so my advice is to find a professional to aid you.
     
  7. sloverville sloverville is offline

    Louisville, KY
    United States

    Posts: 96
    Joined: Feb 06

    Dec 26th, 2007 (12/26/2007 8:42pm) in reply to ZEKAgrinder

    Thanks for the link pw.

    I sent you a PM ZEKA.
    Thread Starter
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