Customer Reviews

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

5 star:		(4)
4 star:		(1)
3 star:		(3)
2 star:		(0)
1 star:		(0)

 

 

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

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.

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.

I think this book is useful for anyone contemplating becoming a professional poker player. A lot of the material is really basic and common sense, but there were some nuances pointed out I was unaware of. The examples were good. Probably the best advice in the book was the stress on keeping records, both for professionals and hobbyists.

One thing I would like to see addressed is the IRS position on electronic record keeping. I use an application for my wireless that tracks time, investment and return when playing at a poker table, and afterward download the raw data for storage. The IRS, I believe, has not made any statement on validity of electronic records.

This book was okay, it gaved you a primer as to what is in store for you when you go Pro.

The book was very informative and helpful. It was an easy read and certainly will help me in preparing my taxes for this year.

For all professional Poker Players who want to save money on preparing your tax return, you must have this book !!! UNLESS YOU WANT ANN MARGARET JOHNSTON TO DO YOUR TAXES which is better !!!! Either way, it is the NUTS !!!!

This author has written a easy to understand guide for anyone who play's poker and want's to know how to take every legal deduction available. It help's you figure out if you are truely in a positon to take deduction's as a pro or if you are just playing for fun. Very down to earth and fun book even if it is written by a C.P.A.