Re: Poker as a Microbusiness
I'm not a tax expert, but I'd be careful in this respect. I seem to remember something in the Tax Code that specifically refers to gambling earnings being taxable, and losses being deductable only to the extent of winnings. If this is the case, you would probably be risking it.
I seem to remember in the late '90s, people were trying to declare their stock daytrading as a business for similar reasons (I'm kinda fuzzy now on the specifics). But it seems the IRS did not agree with this interpretation of "business".
Tax experts are welcomed to disagree with me. In fact, please do, because I would like to deduct my expenses in this way as well! [img]/images/graemlins/wink.gif[/img]
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