<<I would like to know how increasing your net loss another $10,000 has any
value unless you have other income to offset.>>
Net operating losses can be carried back and forward to offset other years'
taxes.
<<The other thing that smells funny is his total action is only $130,000.
This does not sound like a full time professional. Even if his theo is 5%
which is probably unrealistic with today's high takeout (rake for you poker
players) his theo profit is $6500 minus expenses of $10,000 for a negative
expectation of $3500. How does he qualify as a professional gambler with
that kind of business plan? This doesn't make any sense!>>
Good catch. I don't think the IRS has that kind of perspicacity. If he
continues losing, they may disallow it.
Cogno
