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
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.
-
-
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/ …
-
I think you're right. But here's an interesting limitation that arguably hits poker pros:pic.twitter.com/riGZzl0uVS
- 4 more replies
New conversation -
-
-
The tax reform bills are being written to try to prevent people from gaming the pass-through provision (see restrictions around "service" professions).
-
How would this impact a poker pro? I don't know! Once we see the final bill, we'll know more. But there will be a lot of money paid to tax attorneys next year to figure it out.
End of conversation
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.