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Appropriate code for professional gambler?

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04-02-2011 , 02:19 PM

incog27

centurion

Join Date: Nov 2008 Posts: 162

I'm doing an online tax filing, and it's asking me what the code for the business activity is on Schedule C. All that it has under Entertainment/Gambling is "713200 - Gambling Industries." I looked this up and it's to do with running gambling businesses, not gambling for a living.

Any ideas on what the appropriate code for a professional gambler might be?

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04-02-2011 , 06:35 PM

incog27

centurion

Join Date: Nov 2008 Posts: 162

bump?

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04-02-2011 , 08:33 PM

freedom.fries

old hand

Join Date: Nov 2008 Posts: 1,730

9999 or something like that for "other"

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04-02-2011 , 11:22 PM

Skallagrim

PPA Board Member/LSN Dir

Join Date: Nov 2006 Posts: 6,713

Try this very obscure link: http://forumserver.twoplustwo.com/57...2007-a-437114/

If the answer you seek is not on the first page, seek until ye find the "search" option. The wise man chooses "search this thread."

And if that don't work, there be this most arcane and hidden link: http://forumserver.twoplustwo.com/57...ts-faq-740589/

But for those who seek the ultimate illumination regarding these most dangerous and byzantine meanderings of the tax code: http://www.taxabletalk.com/

Skallagrim

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04-03-2011 , 01:29 AM

incog27

centurion

Join Date: Nov 2008 Posts: 162

Much obliged. I think I'll get my late night/early morning tax obscura reading groove on!

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04-03-2011 , 01:03 PM

fjbourne

veteran

Join Date: Sep 2006 Posts: 2,386

Can we use 27-2099 and the title "Professional Poker Player" ie the one Michael set up with the dept of labor? Or is that for something else?

http://forumserver.twoplustwo.com/57...r-code-986098/

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04-03-2011 , 05:38 PM

PokerXanadu

Carpal \'Tunnel

Join Date: Oct 2006 Posts: 10,583

Quote:

Originally Posted by fjbourne

Can we use 27-2099 and the title "Professional Poker Player" ie the one Michael set up with the dept of labor? Or is that for something else?

http://forumserver.twoplustwo.com/57...r-code-986098/

That's not the same as the IRS codes.

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04-04-2011 , 02:42 AM

fjbourne

veteran

Join Date: Sep 2006 Posts: 2,386

has anyone found the code? I read/searched both those threads and google and still haven't found anything :/

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04-04-2011 , 04:00 AM

PokerXanadu

Carpal \'Tunnel

Join Date: Oct 2006 Posts: 10,583

Since it doesn't fit any of the specific categories in the Business Codes shown on the IRS Schedule C Instructions (pages C-9,10,11), you can use Code 999999 Unclassified Establishments.

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04-04-2011 , 02:55 PM

#10

fjbourne

veteran

Join Date: Sep 2006 Posts: 2,386

Quote:

Originally Posted by PokerXanadu

Since it doesn't fit any of the specific categories in the Business Codes shown on the IRS Schedule C Instructions (pages C-9,10,11), you can use Code 999999 Unclassified Establishments.

Thank you very much PokerXanadu. Appreciate it. Do you use the term "professional gambler" or "professional poker player" ? Just curious if it matters at all as obv I think one sounds better than the other to future lenders/employers

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04-04-2011 , 02:57 PM

#11

PokerXanadu

Carpal \'Tunnel

Join Date: Oct 2006 Posts: 10,583

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Originally Posted by fjbourne

I don't think it matters.

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06-24-2019 , 11:59 AM

#12

nlcatter

banned

Join Date: Sep 2007 Posts: 65

good post by you

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01-06-2020 , 06:07 PM

#13

Toonces

grinder

Join Date: Mar 2004 Posts: 486

For what it is worth, my accountant does the tax returns for many professional gamblers (and has written a book). On my Schedule C, she uses for me 713200: "Gambling Industries"

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01-08-2020 , 06:26 PM

#14

PokerXanadu

Carpal \'Tunnel

Join Date: Oct 2006 Posts: 10,583

Quote:

Originally Posted by Toonces

For what it is worth, my accountant does the tax returns for many professional gamblers (and has written a book). On my Schedule C, she uses for me 713200: "Gambling Industries"

I doubt that's appropriate:

Quote:

7132 - Gambling Industries
This industry group comprises establishments (except casino hotels) primarily engaged in operating gambling facilities, such as casinos, bingo halls, and video gaming terminals, or in the provision of gambling services, such as lotteries and off-track betting.

https://www.naics.com/naics-code-description/?code=7132

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04-09-2020 , 12:15 PM

#15

BradleyT

Carpal \'Tunnel

Join Date: Dec 2003 Posts: 9,477

Well Russ Fox has used 713200 on my returns for 3 years. If anyone knows it's likely him.

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04-10-2020 , 01:42 PM

#16

KittyMrow123

newbie

Join Date: Apr 2020 Posts: 34

Should we declare ourselves as Professional Poker Players or Professional Gamblers?

I mainly played poker but got some rewards in free sports bets.

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