Scat Daddy retired

[Dunbar]

Originally Posted by Cannon Shell

I would think that a professional gambler would be considered in the same vein as a day trader/investor. I would very much doubt that a horse owner could claim the same, though I guess some have tried.

Interestingly, there are some pro gamblers who would be better off NOT filing as a business, but rather as "other income". This happens when expenses are not large enough to make up for having to pay self-employment tax. I would not be totally surprised to hear at some point that the IRS is insisting on someone reporting his/her gambling income as a business, though I know of no case where that has yet happened.

--Dunbar