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Forum: Poker Legislation 04-16-2007, 08:18 PM
Replies: 33
Views: 372
Posted By longtime1stime
Re: Filing taxes as a \"losing\" professional gambler

[ QUOTE ]
Have you had previous years where you filed a return as a winning professional gambler? If not, the IRS might make life hard on you.

[/ QUOTE ]

This will be my first year filing a...
Forum: Poker Legislation 04-16-2007, 06:14 PM
Replies: 33
Views: 372
Posted By longtime1stime
Re: Filing taxes as a \"losing\" professional gambler

Thanks for your help. One question. You wrote:

[ QUOTE ]

3. The SL starts the minute you file and in 3 years, the return is generally audit free. This provision is for your benefit, take...
Forum: Poker Legislation 04-16-2007, 03:31 PM
Replies: 33
Views: 372
Posted By longtime1stime
Re: Filing taxes as a \"losing\" professional gambler

[ QUOTE ]
If his income did not exceed $8,450 he does not need to file! He has zero tax liability, therefore he has no obligation to file at all! If he is married that amount goes up to $16,900....
Forum: Poker Legislation 04-16-2007, 01:44 PM
Replies: 33
Views: 372
Posted By longtime1stime
Re: Filing taxes as a \"losing\" professional gambler

If I do taxes on my own, what program can I use to file sch. C?

Turbo tax? That's what i always used in the past when I worked.
Forum: Poker Legislation 04-15-2007, 11:35 PM
Replies: 33
Views: 372
Posted By longtime1stime
Filing taxes as a \"losing\" professional gambler

(apologies in advance if this is board clutter).

1) Combining my sportsbetting and poker wagers/sessions, etc. My net wins and losses is in excess of 1million on each side. The final net is...
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