I like your interpretation. It makes total sense to me to treat poker-playing as any other business. My impression from reading online a while back was that the IRS had a stricter set of rules for poker players. But, none of them were professional tax advisors, and it could be that there was something else going on that flagged the IRS.
After reading this (about a year ago), I decided to build up a couple of years of well-documented (and hopefully increasing) "recreational" earnings before shifting to a "professional" status.
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Re: professional?
Date: 2006-09-02 09:05 (UTC)After reading this (about a year ago), I decided to build up a couple of years of well-documented (and hopefully increasing) "recreational" earnings before shifting to a "professional" status.