A tax question for Rob Singer

Rob, first of all, congratulations on this year's great success so far:

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Originally Posted by Rob.Singer

I'm ahead six figures this year at CET and close to that at Wynn,

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But this raises a tax question. Since you are no longer a professional player will you actually be paying taxes this year on your wins?

Because you are not a professional it would seem that the itemized deductions you used in the past to avoid taxes on all of your profits including groceries, picnics, barbecues, parties, cocktails and other "professional activities" would no longer qualify?

My big year has indeed cost me in taxes because I did not file as a pro, as well as increased what I'll pay in Medicare next year and maybe the year after--I don't really know the details on that yet. HOWEVER, as I've always told everyone who likes to win, W2G's are not your enemy, no matter how much they cost you in taxes. You will always be ahead with wins. I do also know that the vast majority of players who pile up the W2G's do in fact lose overall. Lots of these players end up with an AGI that's frightening in various ways.

Good answer Rob. At least you're not telling us that you will be deducting your groceries again.

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Originally Posted by Alan Mendelson

Good answer Rob. At least you're not telling us that you will be deducting your groceries again.

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The only way I could have--and would have--deducted a portion of the groceries again would have been if I could show I was still actively training away from my home location. There has to be a baseline set in order to show a cost savings by not having to travel when training over the Internet. I know you're fascinated with this, however, it is something any motivated person finds out and does when it's a valid benefit to them. Just remember this phrase: Lazy People Finish Last.

http://www.youtube.com/watch?v=xJ286Fpq7Fs