Re: Got a letter from the IRS
According to "the gambler's guide to taxes" by Walter L. Lewis:
some of the qualifications to be a professional gambler:
"
-There must be a profit motive. The expectation of making a profit to be able to support enoeslf must be evident. A profit must be shown in at least three of the last five years.
- A considerable amount of time must be spent gambling. Gambling must be done with regularity.
-A business operation must be evident. The IRS requires all businesses to maintain a set of books and records that document the activity. OTher items that would indicate business intentions include business cards, letterhead or stationery, all required buiness lincenses and registrations, a business telephone listing, and an office address or post office box."
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