Originally Posted by
Seedvalue
You don’t have to declare as a professional gambler regardless of how much you win if you have other sources of income. It’s actually best to take your gambling winnings, and invest them into income producing assets that have tax advantages. A good accountant will save you tons. I was taught this year one from a old school AP even tho he may not have followed his own advice. Some may disagree but it’s probably because they don’t know how to go about it.
As with everything for gamblers involving money efficiency, I've experienced this a bit differently. For 10 years I filed as a professional gambler who had other sources of income. The gambling required a lot of traveling, which translated into lots of expenses. I maintained a full-time rental or leased car during that time, and all my expenses during those years were direct write-off credits to income. This made a huge difference in what I paid in taxes each year. I never explored the possible advantages you mentioned, however, because I was taking guidance from my son-in-law, who is an IRS employee. His suggestions made the yearly filings tolerable.
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