Professional Gamblers Can Now Fully Deduct Business Expenses

Professional Gamblers Can Now Fully Deduct Business Expenses

Are you a successful poker player? If you’re a professional gambler, we have news that will get your blood pumping. According to a recent article in the Las Vegas Review-Journal and a leading poker tax authority, professional gamblers can now deduct business expenses, even in the event of an overall loss. Now, out of pocket expenses like driving to and from a casino and any fees that may be incurred along the way can be written off as expenses.

A side benefit to the ruling, according to the Review-Journal, is that it legitimizes gambling as a profession. The article quotes Steve Johnson, a professor at the University of Nevada’s Boyd School of Law, as saying, “What the decision says is that gambling is a business trade that is not any different than any other profession. A professional gambler can deduct business expenses.”

Read the rest @ Professional Gamblers Can Now Fully Deduct Business Expenses