Say first you have no other job. I assume you can write off your losses. In fact you can probably just name a number that you won since its tough to track. That number better be more than your visible accounts rose that year plus tracked spending. Offshore stuff is a little different as if its still in your account not much Uncle sam can really do/see.
Then, what about part of rent or mortgage for a home office, car, internet, computer, even some lunches with fezzik or the like. Even newspapers, sports options even? Service picks cost?
What can you write off?? Anyone really know..
I have never done a pro gambler tax return, but from what I've heard, you can deduct most of the things you have named.
- Losses are the key deduction....If you tracked every win as revenue and every loss as an expense, your tax return would be ridiculous.....Best bet is to break up your gambling into sessions....maybe weekly....so that you can report your winning weeks and losing weeks.
- Home office....yes, this is a big one....your computer is one but only if you use it 100% for gambling....i assume sportsbooks, score checking, rx surfing....but once you start writing an email to your buddy shdw01, you have to think about %s used for work and for personal....only work % is deductibe.....and not to complicate it more, but anything with a useful life of more than 1 year needs to be capitalized....i.e..depreciated.....section 179 (to be discussed next time) can be used for most of your fixed assets as long as you are a winning player.
- Car, yes, but again, you need to look at %s
- sports options....now we are talking....imo, this has to be 100% deductible.
- Lunch with Fezzik....i would let this slide as well...unless you are dating him and you guys eat out every day.....oh yeah, 50% deduction on meals/entertainment.
- Rent....god, my dream would be to rent out office space with some buddies and use it 100% to gamble....set up TVs, play poker, research games....get a whole team set up....not to tout, but to do some serious gambling and make loads of money doing it.....if you are talking about rent for you and fezzik, then you have to once again look at the % used for the "business"
everything is probably a case by case basis....accounting fees will be deductible so get a professional if you are doing something as risky as pro gambler....i say risky cause I'm guessing there must be lots of flags for this profession...
....pay your taxes....get aggressive wtih your deductions (be reasonable), but never underreport income....that is what gives the IRS a imunity shield to really ass-rape you
remember, pigs get fat, hogs get slaughtered.
