Re: Interesting tax decision for those residing in states...
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The other problem is that even if you do play for "a great deal [of time]," are you playing for your livelihood? That's the standard in the Groetzinger decision. Take the case of a full-time (40/hr week) individual who earns a good salary, and plays poker 20 hours per week. Suppose the individual earns $100,000 year in his day job and $60,000 (net) playing poker. Is that individual playing for his livelihood?
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Is this situation handled differently for a gambler as opposed to any other type of side business?
If one has a dog grooming business as a side business and earns $10,000 a year in addition to the 60,000 as a nurse, the IRS treats the dog grooming business as a legitimate business.
Why wouldn't a poker playre be treated the same? Poker is a side business just like hundreds of other secondary endeavors.
Curious?
Tuff
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