Re: Never paid taxes before... how much should I expect to pay?
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
What's the IRS definition of a professional gambler?
[/ QUOTE ]
What makes someone a professional gambler is a complex legal question, and there is no definitive answer. Most of what you read on the Internet on this topic is either completely or partially wrong. If you have a full-time job and don't want to file as a professional and your poker earnings are small in relation to your job earnings, you shouldn't have a problem. If you do want to file as a professional (which would only make sense if you have significant poker expenses to deduct), you should probably seek the advice of an attorney as to whether you can do so. I've heard stories from different people, in similar circumstances to each other, being told by the IRS that they should/should not have filed as a professional. Unsurprisingly, the IRS often takes the position that you should have done whatever maximizes your taxes, regardless of the underlying facts.
[/ QUOTE ]
Thanks for your response.
What would constitute significant poker expenses? Would this include items like poker books and internet connection? Those are the only items that occur to me at the moment, and likely wouldn't amount to much for me.
Unfortunately the last line does not surprise me either.
[/ QUOTE ]
Most significant poker expenses are incurred by live players who travel -- airfare, hotels, meals, etc. If you're only playing on the net, you won't have anything of any significance.
|