Professional Gambler
Making money is hard we will not even start to deny that fact, but even though it is hard, we still have to try and make a living, because, well that’s just the way that it is. While some jobs are boring, there are some that can be quite exciting, and one of those jobs that can be very exciting is being a professional gambler. That is why today we want to look for ways on how to be a professional gambler.
Professional gamblers can deduct business expenses against their gains from wagering transactions (again, subject now to limitation under the TCJA) even if illegal gambling activities are involved.
Being a Professional gambler 101
- Phil Bull made a massive amount of money from betting, but not only was he a successful.
- An individual professional gambler's expenses relating to his trade or business are usually fully deductible under IRS Code §162 as 'above the line' items. Thus, unlike recreational gambler, most of an individual professional gambler's expenses (within reason) are deducted on Schedule C rather than as itemized expenses on Schedule A.
Professional Gambler Irs Requirements
1. You need to Research
The first thing that you have to know about being a professional gambler is that you will need to make sure that you do your research. Online casino games are easy to play for fun, but it becomes a totally different issue when you want to make a living out of the games. As such, like any other job, you will need to read and do your homework.
2. Have the Right Mind
By this, we mean that you will need to know that it will not be a walk in the park. The reason for this is that online casinos are unpredictable, as such you may win at times and at times you will lose. But regardless of the situation, you will need to make sure that you have the right for it.
3. Choose Your Game
How To Become A Professional Gambler
Professional Gambler Tax
Being a professional gambler needs you to focus on one or two online casino games. You will not be able to go very far if you want to be a professional gambler with you working on several games at the same time. As such, you will; need to make sure that you choose your games wisely.
Professional Gambler Llc
4. You need to be willing to learn
Professional Gambler Income
Then you will need to make sure that you are willing to learn. Being a professional at anything, even the simplest of things like online casino games needs you to be willing to learn the basics. As you do, you will need to know that you have to start small and gradually build up your skill. Also, bear in mind that this will not happen in a day.