Do most who use this title file taxes as a full time gambler (as in enterprise or trade) and report on a 1040? I saw that now you can only deduct up to your gambling winnings after the 2017 tax act, and not business expenses beyond. If that were the case, I was wondering what level of winning and deduction guys took the liberty of making, and if that was even traceable for most players by not necessarily hitting a CTR on many of the yearly wagers. Did they claim 30-40k typically like to go shop or hot dog vendors might, etc because it's a "cash" business?
Or are most of these guys side players/casual gamblers (or they use locals where it's all on the down low).
If I did this after scaling back my normal gig in say, 10 years, I'd be interested to hear what most people do if they take a shot at gambling "full time" while managing their stock portfolios, etc but no longer are in their career work or W2 mode.
Thanks