Tax/financial advice for playing poker professionally

[SFBobMar]

I recently took a 6 month hiatus from work to play professionally and things have worked out well, good enough that I’m going to continue at least for another 6 months. By doing that, my only income for the year will be from playing poker. However, I have no idea how I should be approaching this from a tax preparation/planning standpoint. I assume I can write off some % of my traveling expenses, etc. Overall, I want to understand how to best approach this before tax season comes up and I'm left scrambling. Should I just walk into an accounting firm and ask for someone who specializes in poker/gambling law? Also, I live in the SF Bay Area so any recommendations specific to that area would be even better.

If this has been discussed before, if you could send me a link or point me in the right direction, it would be greatly appreciated. Thanks

[GoldenBears]

This site should explain everything that you need to know:

http://www.pocketfives.com/DD6E4B33-...BE6A8AF8C.aspx



Play at Lucky Chances much?

[SFBobMar]

Thanks GoldenBear, that's perfect. Yeah, I play at Lucky Chances at least 5 days out of the month so I limit my traveling somewhat. Do you play there as well? I won't be back there until the week of the 3rd. Ironically, I went to WVU. I'll PM when I get back into town and perhaps we can meet up. You don't meet too many people who have actually lived in WV in the SF Bay area.

[GoldenBears]

You play the 2-3-5 or the 10/10/20?

I'm actually not from WV, but my Dad grew up in Morgantown and went to WVU and my Grandfather was a professor there, and my G-ma worked in the Chemistry dept. as well. I go there a once a year or so (got to see them beat Uconn in basketball in Dec) and I've been a die hard WVU fan since I was born.

I haven't missed a televised WVU football game in my entire life... (I get all the sports packages so I usually get about 75% of the games)