Re: SNG tax question
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
I'm pretty sure you can get around the whole gross winnings as income by filing as a professional gambler. Then everything is plus/minused for total income before a final figure is set for claiming purposes.
[/ QUOTE ]
Is there some sort of minimal requirements to file as a "professional gambler"?
[/ QUOTE ]
I don't believe so, You ujust have to show a profit in 2 out of three years, and you have to be able to show you have a skill that allows you to win, i.e. you can't be a slot pro.
[/ QUOTE ]
Filing as a professional makes the calculation easy, but it also makes you self-employed and requires you to pay self-employment taxes. Not a good idea if the only reason to do it is to make the record keeping easier.
My plan is to record the total of winning days as income and the total of my losing days as deductions for 2004. I am filing as a professional in 2005.
|