Originally Posted by Deech View Post
Originally Posted by Alan Mendelson View Post
Originally Posted by MisterV View Post
Well now alan, that depends on whether your hypothetical poker player has a job other than playing poker.
Let's say you were a judge in the federal Tax Court. A poker player says he plays in six $25,000 tournaments a year and cashes in two of them for a net profit of $15,000.

That's $165,000 of winnings vs $150,000 of entry fees .

Between tournaments he flips burgers for $15,000 a year and is given a W2 by his employer.

You're the judge: can he file a Schedule C for playing poker?
I can actually answer this.

I work for myself as an engineer and work part time as a "carpenter" for my buddy. He issues a w-2 for my work (we are so above board that I have my own personal insurance which is expensive).

That second job of gambling made a profit, probability with documented earnings. Yes, you should claim and I believe you can use Schedule C,

I use two separate Schedule C's. I will not act as an expert if gambling is a second source of income.

Anyhow, I file two different Schedule C forms. Yes, ultimately I will take all my expenses out of the job that pays my 98% of my salary, but both jobs are listed on separate Schedule c's.
Thank you.