Are You a Professional Gambler?

A professional gambler has been defined by the US Supreme Court as somebody who's gambling on a regular basis for their livelihood to pay their bills. Some people will do it, you know, three or four times a year, mind you, they're making good money, but that's not regular. The key point is, are you making money at this activity? If you're making money on a regularly basis, you're going to eventually have a business. Not all states allow gambling losses. Sometimes being an amateur gambler is better tax wise because amateur gamblers do not pay self-employment tax professionals do.

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