Deductions for Poker?

[jman220]

So I'm getting ready to file, and I have some thoughts on possible deductions, what do you think?

1. Cable Modem Bill (I primarily use the internet to play poker) (The only complication here is that I have 2 apt-mates and split the bill 3 ways).
2. Price of my Inspiron 9300 (I primarily use the laptop to play poker)
3. Wireless Router (Same reason as above)
4. Lodging in Atlantic City (I'm assuming I can deduct this against my winnings there? What about transportation to/from Atlantic City?)
5. Poker Books (Bought a few 2+2 books I didn't have, is this deductible?)


Any of these feasible? Anything else I'm not thinking of?

[Equal]

Yes a shiitload. Office supplies, computer expenses, rent/utilities according to a % of square footage you dedicate to poker. If you play live there's things like transport costs, lodging, ATM fees, bank fees, etc.

[Rockatansky]

If you're filing as a pro you can deduct these pursuant to IRC 162. If not, I believe you can deduct them under IRC 183.

[Bishop22]

[ QUOTE ]
What about transportation to/from Atlantic City?)

[/ QUOTE ]

Definately at 48.5 cents/mile for Q4 (think it was 40.5 for the rest of the year)

You can't duduct the whole router, internet bill, only the % used for poker. The poker books are fine. You need to figure out what % of your dwelling is 'home office' so you can deduct a portion of rent/utilites.

[Jimbo]

Just a useful note: One of the things that tend to flag an IRS audit are deductions for a home office. The space must be used exclusively for your specified business use and if audited you will be required to prove it. If you just use your laptop in whatever room you happen to be in at the time that will not cut it. Nor will having a computer desk in your bedroom. In other words be very careful when declaring a home office deduction.

If you own the home in which you reside you must depreciate that portion of your home claimed for your business which in turn will lower it's "basis. When/if you sell your propert for a profit this will in turn decrease your tax free deduction on said profit. Techincally it will only increase the amount of the profit so if you don't exceed the specified limits that won't really effect you.


Obviously if you are not filing as a Pro all those deductions becomes irrelevant. Don't forget the IRS must approve your Professional status. Naturally this will only matter if you are audited.


Jimbo