Originally Posted by
regnis
Arc-while "full time" is one relevant factor, it is not determinative of professional status. But keep in mind that he was a professional writer for the newspaper and, in those types of situations, you can lump the gambling wins and losses in with the wages that he earned for writing and the expenses pertaining to his writing. It is similar to what we do in horse racing where if you write on the sport, or even own racehorses, you lump the gambling in with it. It is one of our best gimmicks and has proven successful for many years.
That being said, it still doesn't explain how you offset a million dollars.