Cogno,
I would like to know how increasing your net loss another $10,000 has any value unless you have other income to offset. 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!
Chris
--- In vpFREE@yahoogroups.com, Cogno Scienti <cognoscienti@...> wrote:
>
> They missed the entire point of the ruling. Pros could always deduct
> expenses. This just allows them to use expenses to create a net operating
> loss for a losing year.
>
> Cogno
>
> -----Original Message-----
> From: vpFREE@yahoogroups.com [mailto:vpFREE@yahoogroups.com] On Behalf Of
> vpFREE Administrator
> Sent: Monday, March 14, 2011 10:10 PM
> To: vpFREE@...
> Subject: [vpFREE] LVRJ: Professional gamblers gain with tax ruling
>
> LVRJ: Professional gamblers gain with tax ruling
>
> http://www.lvrj.com/business/professional-gamblers-gain-with-tax-ruling-1179
> 71244.html
>
> or
>
> http://tinyurl.com/4hk9evd
>
> <a href="http://tinyurl.com/4hk9evd">
> http://tinyurl.com/4hk9evd</a>
>
>
> *************************************************
> This link is posted for informational purposes and doesn't constitute an
> endorsement or approval of the linked article's content by vpFREE. Any
> discussion of the article must be done in accordance with vpFREE's rules and
> policies.
> *************************************************
>
>
>
> ------------------------------------
>
> vpFREE Links: http://members.cox.net/vpfree/Links.htm
>
> Yahoo! Groups Links
>
