Re: My Accountant: \"But how much did you lose?\"
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Other way around, amateurs have to report gross wins and losses, while professionals just report net.
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what's the difference between an amateur and a professional, as far as taxes are concerned, besides what I just quoted?
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if you do not have another job or the vast majority of your income is derived from gambling then you are a professional
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say you make $75,000/yr running a business mostly from a PDA, but you also make $35,000/yr playing 8/16 live 5 days a week. Are you a professional gambler? My guess is that you could go either way on your taxes. But my question, is what the pros and cons (if any) are either way.
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