Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Last edited by Gettingrich
on Mon Mar 10, 2014 1:11 am, edited 1 time in total.
- Posts: 8
- Joined: 8 Feb 2013
There is no paper work the IRS requires you to fill out in advance.
Obviously, you may be required to sign contracts with employers and you will likely get 1099 forms for some/all of the revenue you earn. You won't get 1099s for some/all of your gaming wins and losses and I would suggest that you get a log book where you note date, time, place, and win/loss for each gambling session, so that, if necessary, you can show contemporaneous notes to bolster your tax form entries.
No matter how long the hill, if you keep pedaling you'll eventually get up to the top.
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- Location: San Francisco
In the scenario you provide, there is probably nothing else you need to do (additional filings would be required if you were passing the income through a single member LLC taxed as an s-corp, but I doubt that's your situation).
As a professional gambler, you will file those earnings and expenses (if any) on Schedule C. In the contractor situation, those earnings will be listed on a second Schedule C. Make sure you track any out-of-pocket expenses to offset the contractor revenue on that applicable Schedule C.
In both cases, the payers will normally request a W-9 from you, but those are typically sent/mailed to you to complete which enables those entities to submit a 1099-Misc to you and the IRS each January.
I may be reading too much into your question, but on the paperwork question, there's always the possibility you may need a local business license in the contractor situation, but given the nature of the income, this is probably doubtful.
- Posts: 18
- Joined: 7 Feb 2013
Lots of great info here: http://www.irs.gov/publications/index.html
Just read the ones with interesting titles first. They might lead to others to read.
It's all about short-term opportunistic rebalancing due to a short-term change in one's asset allocation, uh, I mean opportunistic rebalancing, uh I mean rebalancing, uh I mean market timing.
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