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- - RETIREMENT PLAN (http://archives2.twoplustwo.com/showthread.php?t=365157)

10-25-2005 01:46 PM

RETIREMENT PLAN

Is it allowed to have retirement plan such as SEP IRA or Solo 401K for a profesional gambler?If you file as professional gambler,you file scheduled C.Can professional gamblers can get the all the benefit schedule C filer gets?
Or any restriction?

MicroBob

10-25-2005 01:52 PM

Re: RETIREMENT PLAN

you can get all the benefits. get gamblers guide to taxes by walter l lewis.

radar5

10-25-2005 07:22 PM

Re: RETIREMENT PLAN

Thanks Bob, I have been looking for the old thread that mentioned that book.

Jimbo

10-25-2005 10:31 PM

Re: RETIREMENT PLAN

[ QUOTE ]
Or any restriction?

[/ QUOTE ]

Yes just one, unlike other professionals the IRS has been know to disallow some from filing as a professional gambler. Be sure you meet all the other qualifications specific to becoming a professional gambler before you rely on the potentail benefits.

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