fostinator asked:


I just have had this idea for a while and wanted to figure out the logistics? I want to create and LLC as an online poker playing entity with all winnings and losses considered revenue and expenses of the LLC. I’d also do consulting and run a poker blog as well. Is this legal?

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mazarate21 asked:


I’ve made quite a bit of money last year playing cash game poker on the side and I’m thinking of quitting my day job and going full time. How does a professional poker player file taxes and their annual salary? How does the IRS verify the income reported is true? Must you report every cent of your winnings minus the losses?

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