There is a book out, I don't know the title and author off the top of
my head, that was well reviewed in Card Player a few
months ago. I'm going to get it myself before I pay my taxes this
year, and I'll post about it when I do; keep an eye for new posts
about it on my journal. I will also use a
taxes tag for posts about taxes in the future.
In the meantime, what I can tell you is that I file a Schedule C,
listing my profession as “Professional Poker Player”.
Filing a Schedule C makes you a sole proprietorship of a business, and
then you don't have to do the Schedule A crap that you mention (which,
I agree, isn't right because you have to eat your standard deduction
as part of your losses).
I am not a tax adviser and have no training in this sort of
thing. However, I poured over the Schedule C business rules and I
believe wholeheartedly that I am meeting the criteria as a sole
proprietorship in my part-time poker work.
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Date: 2007-01-02 18:05 (UTC)There is a book out, I don't know the title and author off the top of my head, that was well reviewed in Card Player a few months ago. I'm going to get it myself before I pay my taxes this year, and I'll post about it when I do; keep an eye for new posts about it on my journal. I will also use a
taxestag for posts about taxes in the future.In the meantime, what I can tell you is that I file a Schedule C, listing my profession as “Professional Poker Player”. Filing a Schedule C makes you a sole proprietorship of a business, and then you don't have to do the Schedule A crap that you mention (which, I agree, isn't right because you have to eat your standard deduction as part of your losses).
I am not a tax adviser and have no training in this sort of thing. However, I poured over the Schedule C business rules and I believe wholeheartedly that I am meeting the criteria as a sole proprietorship in my part-time poker work.