Quote Originally Posted by DJD View Post
Lowerider,
Great info! In your opinion does gambling fall under any of the critera of having fun and trying to make money? Once heard that losses in that can be a write off. I know i'm getting off the subject a little but i would love to hear a professional opinion. Thanks.
Yes, you face similar circumstances in proving you are a professional gambler in able to write-off losses in excess of winnings. Similar to tourney fishing, you can always write-off expenses equal to winnings regardless if you are a pro or not. It gets tricky for state tax purposes; if you live in a state that does not allow itemized deductions like OH you basically get screwed since the losses are written off on Sch A (as an itemized deduction). There are many cases out there regarding this situation and if you're really interested in learning more you could probably do a google search to find more info.

Keep in mind there are many factors for determining whether or not you are a "pro" other than enjoying the activity. Many people love what they do. It's just another hurdle in a long list.