[MicroBob]

ANYBODY wondering about schedule-C's and whether you can do this and how do you go about it should get the book
Gambler's Guide to Taxes by walter Lewis.
it does not specifically cover internet-gambling....but does give ideas on how to file as a professional-gambler (poker, BJ, horse-race handicapping, etc) and even gives a couple of court-cases that set the precedent for some of this stuff.


I will be filing a scehdule-C as a professional gambler this year.
among my deductions:
my new laptop
phone-bill (dial-up access)
ISP bill
pokertracker purchase
2+2 books
mileage to B&M poker-rooms when my purpose was for poker-playing ($0.36/mile I believe)
possibly also the iced-lattes I purchase when I meet with friends at my internet-coffee place whom I'm givng poker lessons to (will be looking into that one)
if i decide to take a trip to Vegas I should be able to deduct the expenses because poker-for-income will be a significant part of the trip.

I specifically waited until January to get my new laptop because I suspected I might leave my job and take up online-poker full-time (which I did in early April).


This thread is somewhat interesting to me because I may choose to live abroad for a year or two if this internet-poker thing continues to go well. This wouldn't be for tax-dodging purposes but just because I have the urge to travel in my blood.

Before renouncing one's citizenship or rolling the dice with this one should always consider the 'bad-beat' possibility that the online-poker fad/craze will fade/die in the coming years.
Personally, I don't think it will happen....but that doesn't mean I have 100% confidence that it will continue to be ultra-profitable.

If the US gets nutty about the legislation aspect the games will be significantly drier without the casual american-novices. again, i don't think it will happen, but i acknowledge it's a possibility.