Quote:
Originally Posted by rawbillyice
Well I like this answer but can you tell me Xanadu ...is that legal? I mean I thought being a professional gambler outside of Las Vegas, NV was not all the way legal?
Thank You very much!
I've never heard of that. You can file federal taxes as a professional gambler regardless of your state of residence. I've never heard of any state law against being a pro gambler for tax purposes. There may be instances where the gambling you do is illegal in the state you are in at the time. Here is a good synopsis:
http://www.gambling-law-us.com/State-Law-Summary/
Under federal laws and IRS rules, you still have to pay taxes on your income even if the source of income is illegal.
You'll probably find this useful as well:
http://www.gambling-law-us.com/Artic...mbling-tax.htm