Re: Filing taxes as a \"losing\" professional gambler
You should file;
1. If you're confident that you did have a loss for the year, then an audit would be very good. Once they see how good your records are, they likely will not come back. Of course, this is very good for future tax planning. A "no change" audit is gold
2. The "failure to file" penalty is quite high, 25% after only 5 months. Mistakes happen, you're not perfect, maybe no taxes, maybe not. Its not worth the chance and you want an audit.
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 advantage of it.
As I see it, you have nothing to lose and a few good things can happen. Good Luck
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