[I_C_ALL]

I read the first line and I'm responding to that.

We spoke to a GOOD CPA over the last few weeks(was searching for a few months) Anyway, he does NOT specialize in gambling, but is open to it and knows the questions to ask. I explained the professional/non professional thing and he picked up right away about flowing the HUGE winnings on the 1040 and writing off the HUGE losses on the deductions side of the 1040 for a small net gain(300k in wins minus $250k in loses for a $50k win)

He said HUGE red flags. If you are professional and flow everything through a corporation, you can take a "small" salary(percentage of actual net income of corporation) and only pay self employment tax on the "salary. You would pay income tax on the entire amount, but the extra 15.3% self employment tax would be limited to your "salary".

Take the time to talk to a professional. If you aren't paying a couple to a few hundred an hour, you're probably not getting the best advise(problem is if you are spending that much, you're not guaranteed the best advice either. The good ones charge a few hundred an hour, but so do some dolts)

Good luck