Basically, the IRS qualifies you as a pro if you do it at least 40 hours per week, and make money at least one year in five, something like that. There's some more to it, but that's the simple answer, see a tax accountant for details. Anyone who's considering quiting their day job to become a poker pro should check out "Bikeking19" on youtube, young kid who quit his 6 figure day job to move to Vegas to be a poker pro, lives in his Prius (climate control and auto start/stop, popular with those living in cars) and eats comped casino food so most of his gambling EV goes into his gambling bankroll. Probably has a side gig of ad revenue off youtube, maybe patreon as well. For all the gambling equations (ROR, Kelly, Nzero ...) it's net EV (gambling EV minus expenses) that counts. Your gambling EV might be say $10/hour, but if your expenses are $2/hour, then your net EV is $8/hour.
Posted by: Edmund Hack <echlist@gmail.com>
| Reply via web post | • | Reply to sender | • | Reply to group | • | Start a New Topic | • | Messages in this topic (2) |
