Did you know that many professional poker players are able to write off their expenses on their tax return? Since it is tax season this subject comes up from time to time with poker pros. Let’s look at what poker pros are writing off in terms of expenses.
Professional poker players can deduct things like travel and lodging expenses. It is important to note that only gamblers who make most of their income from gambling are able to write off expenses. A weekend poker player would not qualify. The IRS can look into each return to see if the expenses are real and if the person is a true poker pro.
Poker players are now able to write off things like the cost of flights to tournaments, hotel room charges, meals, car rentals, etc. This can be a big deal for those who choose to file a tax return and claim poker as their profession.
Some people still do not consider poker a game of skill but the IRS does. Professional poker players are treated just like other business professionals. They can write off their expenses just as any other business owner would.
Many poker pros now live outside of the United States but for those who do live in the country and file returns with the IRS they can write off many of their expenses.