Re: Filing as a \"pro\" - minimum number of hours required?
According to my CPA, as a pro I am paying 17% federal, 9% state, and 15% self employment tax. That's over 40% of my net I'm paying in taxes!!! Therefore I am trying NOT to file as a pro. Yes, I'm not gonna be honest about how I win my money. I don't play the deduct wins vs losses crap, since it's nearly impossible to define sessions w/ online poker. My CPA is just having me net my wins and filing on a 1040. If the IRS tries to make me file as a pro, I just tell them I won the entire amount in one donkament. No records, no proof. They have to believe me.
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