I agree with what you say but the operative phrase in what I wrote was "For
part-timers, filing Sched C as a professional is a course that ought to
considered carefully especially if you have another source of income that
involves a significant amount of your time." I have never been though an IRS
audit, either personal or corporate (but have been through plenty of annual
corporate audits) so I'll defer to your comments about the audits. I
strongly agree that meticulous record keeping is the best way to proceed. My
feeling is that the best strategy is to avoid audits because an audit for cause
(other than a random audit) is more likely to lead to audits in the future
especially if you have a high AGI.
In a message dated 1/27/2012 7:59:25 A.M. Pacific Standard Time,
vpFREE@yahoogroups.com writes:
_Re: [vpFREE] Re: Tax Consequences was FSP strategy ideas _
(http://groups.yahoo.com/group/vpFREE/message/119083;_ylc=X3oDMTJzODlhZTI1BF9TAzk3MzU5NzE1BG
dycElkAzQ2NDEwMTcEZ3Jwc3BJZAMxNzA1MDY1NzMyBG1zZ0lkAzExOTA4MwRzZWMDZG1zZwRzbG
sDdm1zZwRzdGltZQMxMzI3Njc5OTYx)
Posted by: "rob.singer1111@yahoo.com" _rob.singer1111@yahoo.com _
(mailto:rob.singer1111@yahoo.com?Subject=
Re:%20[vpFREE]%20Re:%20Tax%20Consequences%20was%20FSP%20strategy%20ideas) _rob.singer1111 _
(http://profiles.yahoo.com/rob.singer1111)
Thu Jan 26, 2012 4:45 pm (PST)
I don't recall seeing much of what Schedule C-filing professional gamblers
do or experience, but I'll explain what I saw.
Because I also wrote and trained others here and at times around the
country for about 11 years, most of my expenses having ANYTHING to do with any
of that, were claimed--and it made a huge difference. I also went thru three
IRS audits during that time, and every penny I deducted was reviewed &
allowed.
The key is in being precise, realistic, and having meticulous record
keeping as well as being nice to the auditor(s) throughout the process. There is
really no need for anxiety, worry, or loss of sleep if you do things
right.
[Non-text portions of this message have been removed]
