Re: Interesting tax decision for those residing in states...
1. Being a professional can lead to a higher tax. Professionals must pay the self-employment tax, amateurs don't.
2. The standard for being a professional is very subjective. The key words are "livelihood," "full-time," and "regularity." If all of those are satisfied, you can file as a professional. This doesn't mean that the IRS won't challenge you (they are especially likely to if you have a full-time job as they will consider that your full-time job is your livelihood) but it does mean that you are more likely to prevail.
-- Russ Fox
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