[SlowHabit]

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Slow,
these are good points. he doesn't need to own a house out in vegas though, he can rent, so the state income tax should work either way. also, from what i have been told, claiming the home office thing is one of the surest ways to get audited. for getting a tax rebate on 1/6th of his mortgage payment, as a professional poker player who probably has some things he wouldn't want the IRS seeing, that might not be the wisest decision.

i guess what i'm thinking about reading all of these replies is that there really is no "right" answer here. i don't think anyone can argue that renting is not the safer course of action here. if i'm an internet poker player (which i am), i'm certainly looking to minimize any other risks in my life over the next two years, at least until we all know more about how the environment in which we work in will change.

tc

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I don't know about others but I file my taxes so I don't care if I get audit. That does not mean I do not think getting audited is probably a pain in the ass and I will try to do my best to avoid getting audited. However, that does not mean I won't try to minimize my tax liability legally.

As for claiming 1/5th or 1/6th of the mortgage, it was just an estimation. If I buy a house with 2000 square feet in it and my home office is 500 square feet, I wouldn't forgive myself if I do not claim 1/4th of my mortgage.

As for renting is probably the safest route, you're right. But keep in mind that Good2cu wants to bang hot girls and raise his street cred. Renting just doesn't get it done. Well, it might if he already own a place somewhere else.

Another factor, which I think is very important, is that he's a poker player. It's not a job where adults will hear upon introduction and instantly think, "young man, I wouldn't mind if my daughter walk down the aisle with you." By having some type of asset, at least he'll feel better about himself and his profession. One might argue that he doesn't care what others think of his choice of his work but I am sure that he would be giggling from ear to ear if his job title generates compliments instead of "oh."

Which reminds me, when you introduce yourself to adults, do you introduce yourself as an entrepreneur/businessman [considering that you co-found CR] or do you say you're a professional poker player? I'll bet you $1 at even odds that you say the former more often [img]/images/graemlins/cool.gif[/img]