Re: Poker as a Microbusiness
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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.
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Yes, this is correct. But I'm not really talking about deducting losses, because I can do that already and still have profit left over (assuming I continue to beat the micros on Party, which I think is a fair assumption).
Rather, I'm interested in deducting auxiliary expenses such as poker books and my internet connection (after already having deducted my losses from my winnings). Also, an added advantage I didn't mention is the new "Solo 401(K)," which allows you to shelter 100% of the income from an unincorporated business, up to $13,000.
Again, maybe there's something I'm not considering which makes this impossible. OTOH, if poker can be a full-time business for some people, why not a part-time business for others?
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