Where to start???
Does anyone have any input in regards to this situation: One of my friends just graduated college and decided not to get a real job and just play poker. He has played very successfully for 3 years while in school, but did not record/report his earnings for that time period. Will it raise a red flag if he files as a professional player this year? Does the IRS have a policy of investingating people who "all of a sudden" make a lot of money playing poker professionally? What would you recommend my friend do in this situation?
I would really appreciate any responses, some of you are much more knowledgeable about this than either of us.
- Jags
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