Estelle Busch is my heroine.
If only I had some retirement income!
Quote: BuzzardI have retirement income. But my travel plans have been curtailed since bus fare was raised 25 cents on Jan. !.
Buzz is so old, he remembers when bus fare was raised to $0.25! ;)
Quote: FaceBuzz is so old, he remembers when bus fare was raised to $0.25! ;)
Hell, I'm that old. 10 cents as a kid in the 60's to go to piano lessons.
Quote: FaceBuzz is so old, he remembers when bus fare was raised to $0.25! ;)
I rode to high school on a streetcar. You could buy a 2 piece box of Chiclets or a stick of gum for a penny from a machine on the streetcar.
Quote: beachbumbabsQuote: FaceBuzz is so old, he remembers when bus fare was raised to $0.25! ;)
Hell, I'm that old. 10 cents as a kid in the 60's to go to piano lessons.
Tis not proper to tease a lady about her age. Besides, Buzz hasn't thrown a jab my way in a while, long enough that I'm starting to worry. I suppose I'm just seeing if he's ok =)
Quote:This does not mean that every gambler can now deduct their losses and expenses as business expenses on Schedule C, “Profit or Loss From Business,” of their tax returns. A taxpayer who spent 35 hours every week at a horse track after losing his job as a salesman and who was seeking a new sales job qualified as a professional gambler. But a flower shop owner, appropriately named Pansy Panages, who only spent 20-25 hours a week after she closed her shop playing slots at a local Reno-area Smith’s, could not deduct $6,000 in tips she paid the grocery store’s employees for information on which machines were “due” to hit. A housewife who wised up after 66 days of playing, and losing, slot machines on an Iowa riverboat was ruled not to be even a short-term professional gambler.
A pro makes gambling a full-time business, meaning 35 or more hours a week, conducted in the same manner in which any other business is conducted, with a sincere belief that he or she will make a profit.
What's interesting to me, as a solo business owner, is the holding that the gambling has to be full-time in order for it to qualify as a business. I have many weeks where I don't put in 35 hours, and others where I put in over 80, but I certainly expect to deduct all my business expenses regardless. That's just the nature of consulting -- feast or famine.
I wonder if an AP who focused on EGMs could qualify as a business if they spent a lot of time doing research on where the +EV games were but only a relatively small amount of time playing them. You certainly have an expectation of profit if you're a part-time bonus vulture. Why shouldn't that be a business for tax purposes?
Quote: BuzzardFace is so young he think the Toronto Maple Leafs will lift the Stanley Cup aloft as winners before he dies. Maybe he is right, But only if he lives another 400 years.
Some folks are wise, and some are otherwise. Time will tell who is what =)
Until then, I can blame youthful ignorance. What's your excuse? lol ;)
Estelle is second on my list of heroines now, only surpassed by Margaret Hamilton.
http://sportsillustrated.cnn.com/vault/article/magazine/MAG1064504/index.htm
Quote: BuzzardPlus some things never change, EH ?
http://sportsillustrated.cnn.com/vault/article/magazine/MAG1064504/index.htm
Like yourself, the great things in life need not change for anyone =)
Quote: MathExtremistWhat's interesting to me, as a solo business owner, is the holding that the gambling has to be full-time in order for it to qualify as a business. I have many weeks where I don't put in 35 hours, and others where I put in over 80, but I certainly expect to deduct all my business expenses regardless. That's just the nature of consulting -- feast or famine.
I wonder if an AP who focused on EGMs could qualify as a business if they spent a lot of time doing research on where the +EV games were but only a relatively small amount of time playing them. You certainly have an expectation of profit if you're a part-time bonus vulture. Why shouldn't that be a business for tax purposes?
My understanding is that you don't need to work a specific number of hours to be a pro, you just need to derive the vast majority of your income from it.
