[Wake up CALL]

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Hi,

Can you explain how the IRS defines "Gambling Professional" then please?

Thanks,
MakrV.

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I tried searching for an old post I made a year or so ago but do not know how to search in the archives so I will use my memory.

You must show a profit at least three out of the last five years. You will see how tricky this is on it's face the first two years. Otherwise the IRS may declare your profession a hobby.

In years past gabbling had to be your primary income. Since at least one person has won that challenge in a tax court, however the IRS does not consider this a precedence and must be challenged on a case by case basis.

These are the two largest hurdles for most people. The other provisions of qualifying as a for profit business apply as well and can be easily found on the IRS website.