Re: Filing taxes as a \"losing\" professional gambler
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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. Since he breaks no laws if he doesn't even bother to file why does a statute of limitation apply?
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i'm confused, so you are suggesting I don't even file? i thought filing under any and all circumstances was always recommended.
Moreover, CPA's and tax experts are a dime a dozen. How in the heck am i supposed to find one i'm confident will do my return correctly? I'm single, rent, no investments(yes, i'm a real winner). All that i'm going to put on my taxes is gambling winnings and losses. and my net is going to be negative. I have no idea what i could deduct, nor do i think this applies considering I have made no money in 2006.
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