Re: yes another TAX question....
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i heard if i file as a pro (i e primary source of income) i dont have to keep track of individual sessions -- that i just report my total net winnings. how false is this statement?
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It is not exactly false...but there is WAY more to it than this...
Acme
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do you have a good reference for this? this is my (limited) understanding.
- you have to qualify to file as a pro. the def's seem pretty lenient.
- you have to pay 15% self-employment tax (this is both employer's and employee's 7.5% fica)
- you can deduct expenses and lump together wins and losses.
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