Quote:
Originally Posted by texkix
If any of you currently play full time, I would appreciate any advise on managing records and paying taxes.
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Maintain accurrate Daily Records of your play !!!!!!!!!!!!!!!!!!!!!!!!!!!!!
You will be able to claim Professional Gambler which gives you some advantages over the general screw job they give Non-Professional Gambling Income (but still crappy).
You have to file quarterly -- If you are completely ignorant of the Tax Situation and have some money (which it sounds like you do), Immediately look for a Gambling (Poker) Accountant and tell him your plans (under no circumstances hire or take advice from a Non-Gambling Tax expert/Accountant).
If you contact them before you start they can advise you properly before you screw up
Also, it would probably be beneficial to look at the Rose website (He is the Lawyer who specializes on Gambling Matters)
Good Luck