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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