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tax ? that wasn't answered on the podcast

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  1. Aaron_Hacker Aaron_Hacker is online now

    Avon, IN
    United States

    Posts: 1,405
    Joined: Sep 06

    Mar 7th, 2008 (3/7/2008 1:08pm)

    The only tax question that I have for filing as a professional is exactly what is considered to be a deduction?? Am I allowed to deduct a portion or all of my mortgage because I work from home, my internet bill, phone bill, any other bills related to my home based business...etc?? I'm just wondering if anyone that is in the community that is a professional that has been filing for a long time has a master list of exactly what you ARE allowed to deduct. Any help on this would be much appreciated...thanks!
     
  2. DoubleUp28 DoubleUp28 is offline

    Chicago, IL
    United States

    Posts: 1,049
    Joined: Feb 07

    Mar 7th, 2008 (3/7/2008 1:24pm) in reply to Aaron_Hacker

    Yeah Id love to see a list of deductions as well if anybody has it.

    As far as I understand your not allowed to deduct anything from your rent/mortgage unless you have an office that is used solely for poker. Then you can deduct the percentage of your office compared to the size of your house off of your mortgage payment. I read that that is a huge red flag to get audited though, not sure seeing I've never deducted rent/mortgage.

    Internet is deductible as well.
  3. xTEDFORRESTx xTEDFORRESTx is offline

    Bucharest
    Romania

    Posts: 2,213
    Joined: May 07

    Mar 7th, 2008 (3/7/2008 1:36pm) in reply to Aaron_Hacker

    You can deduct anything that is a cost of you doing "business". There isn't some "list", a car mechanic would deduct his cost of tools, money spent on getting grease off his hands, etc. A traveling salesman would deduct the mileage of using his car, cost of motel rooms, etc.

    For you it would be: Internet, yes you need that to play. Poker Books, yes you need education to do your job. Subscription to CardPlayer, yes you have to stay current. Phone? Probably not, except for the charges you made to poker sites or casinos or whatever calls you made for business purposes. If you travel to play in tourneys those travel costs are deductible.

    Be careful with your "home office" deductions, every schlub with a hobby tries to write off the home office expense and the IRS knows it can make money by hitting up the large home office deductions and collect fines when the taxpayer can't come up with receipts to support the write-offs.
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