Tax tips for Professional Gamblers?

[signhere]

Hi,

Has anyone who gambles for a living or derives a significant income from gambling (don't think it matters but I'm specifically thinking of DFS and poker) had success with the For-Profit Hobby exemption? I just became aware of this but haven't had much success getting info online.

Any other suggestions?

Thanks!

[Sibley]

I'm not a gambler, but my understanding is that you can't use the hobby exemption. You can deduct losses only to the extent of your winnings as far as I know.

But here's some info at the irs website:
https://www.irs.gov/Credits-&-Deductions/Individuals/Deducting-Gambling-Losses

[msilenus]

Back when I was reporting gambling income I found the two plus two forums very helpful.