Re: Ed Miller\'s Tax Article
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from the cardplayer article:
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3. You must show a profit in three out of five consecutive years. This rule is applied by the IRS to distinguish businesses from hobbies or recreational activities.
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I've been playing poker for 7 months. I treat poker as a business and I play daily. Am I screwed? Or is 1 out of 1 years considered enough?
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It may be, if it is your primary source of income/full time occupation. Most businesses have to pass the hobby test if they are not the primary source of income and/or fail to genrate significant revenue (deductons cancel profits).
I'm no CPA, yada yada, just my understanding from prior reasearch and so on.
"Check with a CPA"
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