Am I right to expect a lot more folks attempting to file as poker pros in the 2018 tax year? A sole proprietor will get a 20% deduction on his/her pass through income. US based players will be much better off winning WSOP main as a "pro" in 2018 than as an amateur
Short answer is "no". Long answer is "it's complicated and depends on the final bill". See here for some background: http://www.wealthmanagement.com/high-net-worth/tax-reform-proposals-pass-through-entities …
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In a sense, yes it's all "profit". But what matters is how much is deemed active or passive income, and whether it's taxed at individual or corporate rate.
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This is a decent description (replace 23% w 20% as that was amended in the deal yesterday). My amateur take is that at the very least you'd get this 20% deduction up to 250k (or up to 500k married filing jointly) if you legitimately file profit on sched C https://evergreensmallbusiness.com/sec-199a-qualified-business-income-deduction/ …
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