Poker Tax Structures

[lehighguy]

This one goes out to US citizens.

What is the best tax structure to set up with regards to being a full-time pro poker player? I've heard lots of rumors: set up a business, move oversses, etc.

Anyone with some good experience here would be helpful. Concrete information. I'm not yet ready to move oversees, but would like to hear about it.

[snowbank]

As far as moving overseas to avoid taxes, you are supposed to get like the first $80K exempt from taxes. However, Kane just posted a quote from a CPA stating that gambling would not qualify you for that exemption. There could be creative ways around that, but you'd want to speak with a CPA. Probably several.

[lehighguy]

I plan to speak to several, but unless they have specific knowledge of it the whole process will go slow and not neccessarily be productive.

If I have a clue what I'm looking for it will be helpful to the process and perhaps help me select the best CPA to work with and give them hints where to look.

[Guthrie]

I can't vouch for these people, I've never even contacted them since I'm a LONG way from needing their services, but someone else posted it here, and at least they seem to target exactly the right audience:

http://www.rbstaxes.com/

[okayplayer]

You don't need to set up a business or corporation, just file as a self employed person. (Schedule C) And, really this topic is discussed about twice a week in Internet, so search that forum. But, you can move abroad and have the first 80k, exempt. And anything short of becoming a citizen of another country, it's very hard to avoid taxes (legally). Before going pro, I did a lot of research on this type of stuff, so just spend some time and research it - Google is your friend.

[lehighguy]

Thanks that is a big help.