How to Turn Your Poker Playing into a Business: Knowing What to Deduct to Improve Your Odds With the IRS [Paperback]

Ann-margaret Johnston (Author)

Product Details

• Paperback: 123 pages
• Publisher: AbacusrntrrprisrsLlc,2005; 1 edition (December 30, 2005)
• Language: English
• ISBN-10: 0977486206
• ISBN-13: 978-0977486205
• Product Dimensions: 8.4 x 5.5 x 0.4 inches
• Shipping Weight: 7.2 ounces (View shipping rates and policies)
• Average Customer Review: 4.1 out of 5 stars  See all reviews (8 customer reviews)
• Amazon Best Sellers Rank: #702,500 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

7 of 7 people found the following review helpful:

5.0 out of 5 stars must have, March 14, 2007

By 

Tyler Durden (Washington) - See all my reviews

Amazon Verified Purchase

This review is from: How to Turn Your Poker Playing into a Business: Knowing What to Deduct to Improve Your Odds With the IRS (Paperback)

whether you're filing as a professional poker player or just play for fun, this book is a must have for tax purposes. The book is concise and organized. The most helpful thing in the book are the example tax sheets she fills out for both the hobbyist and pro (2 of each case with different situations). Recommended

5 of 5 people found the following review helpful:

5.0 out of 5 stars If you're a winning player you need this book, April 29, 2008

By 

Herman Jackson - See all my reviews
(REAL NAME)   

Amazon Verified Purchase

This review is from: How to Turn Your Poker Playing into a Business: Knowing What to Deduct to Improve Your Odds With the IRS (Paperback)

If you win at poker you NEED the advice in this book.

IRS rules are often rather arcane, but failure to adhere to them can be disastrous. Johnston's advice just might prevent you from making a mistake that could lead to a learning experience you'd much rather avoid. She carefully defines and discusses in detail differences in tax consequences, and procedures for reporting, for "hobbyists" vs. "professionals."

The presentation is well done, the writing is clear, readable, and essentially free from typos and grammatical errors. Each chapter begins with a conversation in which a poker player reveals ignorance of a specific point of the tax code. The chapter then develops that particular topic to the "intelligent layperson" level.

If you are a CPA or are experienced in preparing business tax returns you'll view this book as little more than a simplification of IRS rules. However, if you don't have that caliber of experience you'd properly view it as a guidebook through a potential minefield.

For example, if your business is playing poker you should be able to deduct all poker-related expenses - right? Maybe! If you still collect a "regular" paycheck the IRS may decide you're not really a poker pro and disallow all expenses except for actual provable losses. And if they do, you may get the opportunity to prove not only the losses but also everything else on your return. And to prove everything on last year's return as well.

If you win at poker you should read this one.

2 of 2 people found the following review helpful:

3.0 out of 5 stars Good Easy Read, August 10, 2010

By 

ApeironPoker - See all my reviews

Amazon Verified Purchase

This review is from: How to Turn Your Poker Playing into a Business: Knowing What to Deduct to Improve Your Odds With the IRS (Paperback)

Very good examples of how to fill out standard forms. A bit dated on latest IRS policy concerning poker as a business. Reader must consult IRS POSTTN-139898-08 which clearly eliminates the prior abiguity in this area. Nevertheless book is a valuable asset.