Tax writeoffs for being a pro gambler

mo42nyy · #1 03-19-2007, 01:45 PM

Hi
Ive spoken to several CPAs here in NY but almost none know much about tax gambling laws. Other than my laptop and internet connection and maybe a few books I cant think of much I can write off.
If anyone else is filing as a pro I would like to find out what writeoffs Im missing.

MasterChen · #2 03-19-2007, 11:38 PM

The 15 percent in FICA taxes

captZEEbo · #3 03-20-2007, 02:28 AM

any trips to a casino like gasoline, hotels, airfare. There are some specific stipulations like what % of the gas cost you can deduct but those are things to consider if you ever traveled to a casino.

You might be able to deduct a % of your rent too depending on if you play in your house or whatever, you might need a dedicated room to gambling though.

krishan · #4 03-20-2007, 08:22 AM

[ QUOTE ]
The 15 percent in FICA taxes

[/ QUOTE ]

half i think

Dazarath · #5 03-20-2007, 10:39 AM

What about costs like coaching, or software you use?

James282 · #6 03-20-2007, 11:16 AM

[ QUOTE ]
What about costs like coaching, or software you use?

[/ QUOTE ]

def

mo42nyy · #7 03-20-2007, 03:11 PM

yes i forgot about deducting the fica
I think i played live once or twice last year in ac
so other than that I guess I wont be deducting much