I filed as a professional gambler up until 2009. Since retiring I don't play often or at high limits any more because I only did that as a job, and I no longer see 7 figures worth of tax forms. So for the relatively small amount of W2g's I now get as a recreational player, that's something I'm not an expert on and I believe the jackpots far outweigh any potential tax liability in any situation. But those who pile up the tax forms and still lose represent a mystery to me.
----- Reply message -----
From: "kcace1024" <cy4873@hotmail.com>
To: <vpFREE@yahoogroups.com>
Subject: [vpFREE] Re: Tax Consequences was FSP strategy ideas
Date: Tue, Jan 24, 2012 8:48 pm
I find it a little strange that Rob Singer has no idea of the tax consequences of W-2s. Of course, you can avoid the AGI problem if you file a Sched C as a professional gambler, but this is not allowed by the IRS for everyone who plays negative games and even for most APs.
