Anyone over 6 figures actually filing as a Pro?

[MVicuna]

Hi,

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In years past gabbling had to be your primary income. Since at least one person has won that challenge in a tax court, however the IRS does not consider this a precedence and must be challenged on a case by case basis.

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So this makes it very hard for someone to be a 'part time professional gambler', but someone sued and won this discintion, but the IRS digs in their heels and makes you prove it?

Or you can only be a 'part time professional gambler' if at one time you were a 'full time professional gambler'?

Or is there no way to be classifed as a 'part time professional gambler'?

Thanks,
MarkV.

[Stu Pidasso]

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So this makes it very hard for someone to be a 'part time professional gambler', but someone sued and won this discintion, but the IRS digs in their heels and makes you prove it?

Or you can only be a 'part time professional gambler' if at one time you were a 'full time professional gambler'?

Or is there no way to be classifed as a 'part time professional gambler'?


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I wonder if it would just be easier to get 5 guys together and form an S-corportion or limited liability company thats mission is to provide value for its shareholders through gambling, booze, and lap dances.

Stu

[ActionBob]

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Or is there no way to be classifed as a 'part time professional gambler'?

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You can definitely file as a "part time professional gambler". I know someone who for many years has a 9-5 job and has also filed as a pro in order to write off many travelling expenses.

-ActionBob