Re: My new CPA says I should file as a corporation???
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Say for '07 all of my non-poker income was passive, would the fact that all my active income change how the IRS determined my need to file as a pro? Yes I am a winning player. Personally I do not think the amount of winnings makes it reasonable, but I could not get the IRS to give me any idea even in the most broad terms of dollar amounts what is the threshold, if there is any.
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The rule is that if you are gambling "full time" and "for your livelihood," you are a professional. Without knowing the full facts of your situation--reviewing your numbers--I can't tell you whether or not you should file as a professional.
-- Russ Fox
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Well for '07 so far it is my only "active" income, even paying the SE bite is pretty minimal.
What is or can you direct me to any info on deductibility of educational and industry related materials, along the lines of say Union, or for example as a broker I used to be able to deduct "continuing educational" expenses, as well as most all publications involving my "profession"?
I guess for fun I could file a quarterly estimated payment now and not have to await 4/15, well the extension date (I'm one of those) to see where I stand on this issue. That might allow me to get a "ruling" now and not complicate other issues.
Or not?
D$D
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