Originally Posted by
Rob.Singer
Alan, I've got a little time so I'll give you more info on how I didn't need to pay taxes on any of my wiining as a professional gambler for the 11 years I did it. Of course, it's a different scenario since retiring from filing schedule C in each of those years, but I still pay zero taxes on my modest net winnings.
You're familiar with filing as a business. I was in business for myself as an author/writer, gambling advisor, and as a professional vp player. And as a filier of this status, I deducted a portion of my house in Phx., my home in Hawaii, and my apt. in Phx. Why & how? Because I lived, ate, slept and breathed vp during those years, and aside from my renting a car every day of the year each year that I deducted, along with all the gas and some insurance, whenever I was at a home I'd deduct travel there, food, dinners out even if I brought up gambling for an instant or for hours, etc. etc. etc. Take my wife to dinner and discuss my upcoming schedule for my travel to Nevada for the next week? Deductible. Buy groceries that helped keep me going all those endless hours at the computer writing? Deductible. I had some people I trained over to my house in Phx., and I liked to entertain them at the pool & spa while we talked "business". Bottom line, much of the expenses in my life were deductable legally, and my audits supported that. Outsiders may see this as a stretch, but they are all loophole-safe. My son-in-law also works for the IRS as a manager/Agent, and I made sure I followed the guidelines as required, as far along the edge as some of my deductions may have been.