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Taxation in the United States: A new deal fair for poker players
An excellent news on taxation has just been unveiled for professional poker players in the United States. Indeed, their worries about the deduction of expenses in the income tax would be about to end with the eventual court decision to apply the jurisprudence of the former sentence on a trial of a horse racing bettor who now, has the ability to deduct his own expenditure on income earned in game. Pending the confirmation of this new status, American professional poker players are already dreaming of lighter tax compared to annual earnings by removing, by their own volition, buy-ins of tournaments as well as costs related to travel and hotel expenses.
For tax experts in America as Ann-Margaret Johnston or Steve Johnson, professor at the School of Law of Las Vegas, this possible change in the consideration of poker as an occupation similar to another mark already a large step forward for the recognition of professional poker players. In this regard, this jurisprudence to be implemented by the tax administration has a big advantage: it has to take into account the losses and profits throughout the year for poker players. However, these same tax experts explain that this court decision is subject to an important condition: the requirement for professional poker players to prove in their tax returns that poker is the main activity that brings their entire income.
Source: poker777.com
Thursday, 24 March 2011
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