Ed Miller's Tax Article

[driller]

Their names are Yolanda S. Roche, E.A. and Roger C. Roche, E.A., tax consultants. They are not attorneys or cpa's. The link to their website is <u>http://www.rbstaxes.com/</u>. I think their book may be somewhat out of date. They publish articles in Cardplayer

[baronzeus]

from the cardplayer article:

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3. You must show a profit in three out of five consecutive years. This rule is applied by the IRS to distinguish businesses from hobbies or recreational activities.

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I've been playing poker for 7 months. I treat poker as a business and I play daily. Am I screwed? Or is 1 out of 1 years considered enough?

[mosquito]

[ QUOTE ]
from the cardplayer article:

[ QUOTE ]
3. You must show a profit in three out of five consecutive years. This rule is applied by the IRS to distinguish businesses from hobbies or recreational activities.

[/ QUOTE ]

I've been playing poker for 7 months. I treat poker as a business and I play daily. Am I screwed? Or is 1 out of 1 years considered enough?

[/ QUOTE ]

It may be, if it is your primary source of income/full time occupation. Most businesses have to pass the hobby test if they are not the primary source of income and/or fail to genrate significant revenue (deductons cancel profits).

I'm no CPA, yada yada, just my understanding from prior reasearch and so on.

"Check with a CPA"

[cpk]

What happens if all you do is play live (not online), don't keep records, and have a big wad of cash at the end of the year? How do you go about reporting that to the IRS?