[BuckyOne]

If you want to be a professional gambler, then you need to gamble professionally.

A 1987 Supreme Court case (Commissioner vs. Groetzinger) ruling helped spell out for gamblers the difference between trade or professional gambling and a hobby.

The IRS went on to spell out the differences between a business and a hobby, including some 9 factors that they feel should normally be taken into account.

Always remember...



ECFR...

https://www.ecfr.gov/current/title-26/chapter-I/subchapter-A/part-1/subject-group-ECFRcc67ec453a5e514/section-1.183-2

FAQ with a tighter summary...

https://www.irs.gov/faqs/small-busin...ncome-expenses

There are not multiple definitions of professional when it comes to this discussion.

At the professional level, gambling is a business.

Good definition of a professional gambler. But, I would say jackpot winners at slot machines hit a jackpot and call themselves a professional and file a schedule C. May not ever file a schedule C again.

The sports guy that files a schedule C year after year. That is a professional. Just one time in one year is not a professional in my book.

[milwaukee mike]

Good definition of a professional gambler. But, I would say jackpot winners at slot machines hit a jackpot and call themselves a professional and file a schedule C. May not ever file a schedule C again.

The sports guy that files a schedule C year after year. That is a professional. Just one time in one year is not a professional in my book.

when i was doing taxes, i always advised AGAINST doing that... tax law is pretty clear with that list

so many people here in wisconsin were getting challenged on professional gambler status, because the state of wisconsin had a goofball rule (until recently) where EVERY SINGLE WIN was counted as income, and losses were never allowed... so if you played a slot machine all day, never won enough for a w-2g (1200) but essentially had 15000 of wins and 16000 of losses, you were supposed to pay tax on the 15000 in wins lol... so the state of wisconsin could essentially bankrupt any active gambler that they wanted

[BuckyOne]

LOL, what a scenario. You definitely would not want a signer and have a lot of play on your players card.

[thetrinity]

FWIW, I have a great deal of success this NFL season on one particular prop. If a game is being played in a dome or closed roof stadium, I take the "longest FG to be made". The number is usually between 46.5 yards and 47.5 yards. This isn't the 70s anymore--these kickers can make 50 FGs in their sleep.

Throw in the fact teams basically will concede a fg before halftime now as well. They will make the goalposts more narrow at any time.