At what point do you have to pay taxes on your card counting winnings? Let's say you play as a hobby and make $5,000 extra dollars per year. Would you have pay taxes on that?
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If you wanted to stay completely above board you'd probably be better off structuring an S-Corp or something so you can at least book travel expenses and training material expenses. This way you could pay your
taxes and not screw your self too much by eating 100% of the cost of business. I'm not really sure how the law would look at a gambling entity or if structuring one would be legal. Looking forward to see if someone chimes
in with some real world experience in the area.
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You can only deduct travel if your occupation is that of a professional gambler, which the IRS has strict rules about. Anyone can deduct losses against wins, as long as they itemize. Since Trump's tax law changes, the standard deduction is considerably higher, so fewer people find it cost-effective to itemize
Many folks file as a business, and they have other jobs. It is common practice that many folks file as a business. MathProf used to do this and I also believe Bootlegger did.
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Last edited by davethebuilder; 08-12-2019 at 08:20 PM.
Casino Enemy No.1
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