Re: Poker as a Microbusiness
This only has come up recently, since irregular low-limit players would rarely claim their $500 yearly win on their taxes anyway. On-Line though you've got a paper trail and need to actually claim net winnings.
This is not a substitute for tax advice, but I'd guess that "yes", it qualifies as a business. And I don't think you need to worry about "profit motive" since you are only filing this way if you ARE winning and therefore HAVE a profit (not just a motive). Be advised there there is some sort of "3 years in a row" rule you'll need to contend with in, you guessed it, 3 years. You shouldn't have any trouble with deducting poker books but WILL have trouble deducting all your computer and your broad-band.
- Louie
|