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Post by merasmag on Feb 1, 2024 1:27:14 GMT -5
please pm me and/or post here i think i qualify for a few back years and should probably do it dam addictions and pua money
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Post by merasmag on Feb 1, 2024 1:54:49 GMT -5
ps- i'm only worried about my federal return i can deal with illinoise on my own tyvm in advance
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Post by mysaladdays on Feb 1, 2024 3:40:42 GMT -5
I don't know a lot about the subject except that many have tried but few succeed.
What little I do know is that you *may* have to pay self-employed income tax (not sure about that part) but your income is still subject to federal income tax, and state income tax and prove that your main source of income is from gambling, otherwise it's considered a "hobby" if it's not your most substantial form of income. There is also a lot of record keeping that involves logs and diaries. If you are embarking on this I would consult a good tax attorney or accountant. Which is also something you will have to have as part of the proof as I understand it. And you still can't report more losses than winnings but you will have "business expenses" that of course you can deduct.
Recreational versus professional looks like a slippery slope because a major component of being a professional n anything, is reliance on that activity as a source of income and that your main motivation is profit, not recreation or entertainment. That you are someone who has complete control over the time, money and energy you spend on gambling and are at low risk for addiction.
Hope someone more knowlegeable can help you here .
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