![]() The professional gambler reports gambling winnings and losses for federal purposes on Schedule C, Profit or Loss From Business. For clarity, what does the IRS consider a professional gambler? Here’s a professional interpretation. But we should be clear about the term “Professional Gambler” given its sometimes casual use. The answer to that question is a resounding, “Yes!” And the IRS agrees. The first question we should ask ourselves when considering making a living playing slots, is whether anyone else does with some other form of gambling. Keep Reading … Or Watch Instead!įind my podcast wherever you listen to audio! Do Professional Gamblers Exist? If you pursue any of the ideas I put forward here, I recommend seeking professional advice from an income tax expert. But how? Let’s get into it!ĭisclaimer: I’m not an income tax specialist. ![]() Audience member RS asked, “Are there people that make a living playing slots?” What an excellent question! Yes, they do.
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