Playing online for a living.

[bonski]

Hello all. This is my first post, and I have a question. Sorry about that, but I just don't know who to ask. I have recently considered making an attempt at playing poker online for a living. My questions are these: 1. Is it possible to do so in the U.S 2. If so how do I go about doing so ( what state should I attempt this from, how do I go about claiming taxes, etc.} Any response would be appreciated. Thanks, and hopefully I will have more informitive posts next time.

[Packerfan1]

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1. Is it possible to do so in the U.S

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Possible?-Yes, I'd say there are many 2+2ers who are online pro's or "semi-pros". Legal (Strictly speaking)?-Maybe. Easy?-Depends. If you've got patience and discipline and even a marginal amount of game, its not rocket science.

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2. If so how do I go about doing so ( what state should I attempt this from, how do I go about claiming taxes, etc.}

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Talk to a good accountant about your taxes. Under current tax laws regarding gambling income if you make a decent amount (say over $20K) you'll probably be better off filing a schedule C as a "Professional Poker Player" for that income. Either that or be prepared to argue with the IRS that "The whole year is one big session".

I don't know your situation and free advice is usually worth what you pay for. But I'd recommend keeping a "real" job while playing 20-30 hours a week.

Hope that helps.

Pack

[astroglide]

the definition of "professional" has nothing to do with how much you make

[Packerfan1]

Agreed. And thats not what I implied. What I didn't say outright is that under 10K-20K seems to be the choke point/ common number that many otherwise loyal American taxpaying citizens might feel compelled to accidentally forget to include on their 1040 in a year and feel good about the % chance of getting away with it. Maybe I'm wrong but thats my impression.

Someone makes $2000 online and wants to call themselves a professional poker player... thats fine by me. Heck get some business cards made with the profit to impress the chicks in bowling alley bars. /images/graemlins/grin.gif

Pack

[MrGo]

Chicks in bowling alleys in Wisconsin....no thanks /images/graemlins/smile.gif)

[LetsRock]

I would make sure you talk to a qualified accountant who is familliar with the specific tax laws that apply to your specific state.

One thing you will definately need to do is keep very accurate records of every session you play. When, where, win/loss (would be the minimum) and you would probably want to keep track of other things for your own benefit like time (how long did you play), stakes etc. I don't think the IRS would have any problem with you claining your winnings without such documentation, but if you hope to claim your losing sessions as gambling losses, this will be required.

[Packerfan1]

Hellloooo. Are there any other kind of chicks in Wisconsin?

/images/graemlins/grin.gif If you're really lucky she'll shoot darts as well!

Pack