An accountant, $2.5 million and the perfect storm

It's his own company called Thouroughbred Tax Service. He was very professional, and I left confident and satisfied that my taxes were taken care of right. Home News Poker Business. I play maybe one or two sit-n-gos online every night. We compiled a list of the most frequently asked questions and provided the responses below:.

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Super Tuesday: Dominant KayhanMok wins the day for $49K (1-16-18)

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Find More Posts by EMc. Find Threads Started by EMc. Originally Posted by swollen1 I'm glad to hear others found him helpful as well. Party in the USA Posts: Find More Posts by vampyfangs. We compiled a list of the most frequently asked questions and provided the responses below:. As with other professions, there is no certification or job title that classifies someone as a professional gambler.

Under the IRS definition, a professional gambler is someone who devotes a substantial amount of time to gambling and treats it as a business. For instance, attending poker seminars or academies, reading poker books and discussing hand histories with fellow players all count as time invested into this profession.

However, you must also treat it like a business and keep a detailed log book of your cash game and tournament play as well as any miscellaneous gambling sessions. A proper log book should include, at a minimum, the amount of the wager, location, date, duration and type of game played.

Although this does not have to be submitted with your tax return, you should retain your log book for seven years in case you are audited in the future. The main benefit of filing as a professional gambler resides in the deductions available. Recreational gamblers can only reduce their gambling income up to the amount of gambling losses, whereas professional gamblers can further reduce their gambling income using write-offs.

If you have gambling-related expenses such as airfare, lodging, ground transportation, out of town meals, health insurance and certain other items, you are able to deduct these on Schedule C of your All of those things are write-offs against that tournament.

Not your expenses, just any gambling you do. Remember, anything that goes into your bank account — from any source at all — is traceable.

With the legality of online poker floating in limbo, should players be worried about reporting their success on the virtual felt? Look at Al Capone, tax evasion was the only thing they could get him for because he was so good at hiding everything else.

I love it; have the best of both worlds. I can play poker for fun and make some money here or there, but I love working with poker players because I can sort of get my fix through them.

Matt Affleck has been one of my clients for a long time and seeing him do well at the World Series was great. I play maybe one or two sit-n-gos online every night. I also give them a lot more leeway than my other clients. My cutoff for taxes was March 25th, but some of my players will be sending me stuff the week of April

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