“Odds Are the Tax Law Doesn’t
Consider You a Professional Gambler”
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Here’s a fact that many people don’t know…
Tax law treats gamblers unfairly.
Although not a buddy of the professional gambler, tax law does treat the professional far better than the recreational gambler.
The professional gambler is in the business of gambling. But tax law doesn’t give the professional gambler regular business treatment.
Instead, the law allows the pro special breaks.
Here’s what it takes to become
a professional gambler
You must meet two separate requirements to achieve professional gambler status:
- Your gambling activities must be continuous and regular.
- You must gamble primarily to earn a profit.
Five tips to prove you’re a professional gambler.
You keep good business records
Keep a separate checking account
You create a business plan
You get expertise
You change strategies
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“Odds Are the Tax Law Doesn’t
Consider You a Professional Gambler”