Re: This should end all of the false claims about paying US taxes on p
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In that example, you should use a schedule C.
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But you can only use a Schedule C if you're a professional.
It's possible for some online gamblers to have fairly ridiculous "Other Income" and "Gambling Loss" deductions. Take an online SNG player, who plays 30 $100 SNGs a day. He could have $100,000 in income and $80,000 in losses. Suddenly some deductions that individual (who hypothetically can't file as a professional) had are gone.
The Tax Code isn't fair. But how you are supposed to treat gambling for the non-professional is very, very clear.
-- Russ Fox
co-author, "Why You Lose at Poker"
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