Quote:
Originally Posted by AndyC
If I read the bill correctly the only change for gambling losses would affect professional players. Under current law professional gamblers can create a net operating loss by deducting their costs of gambling. Costs include internet, racing forms, travel, etc. The change would treat all costs as gambling losses subject to the gambling winnings limitation.
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This link has some more details on section 1305, which I would interpret the same way you did. What I don't understand is the projected $100M in additional "revenue" from the change. Since gamblers, professional or otherwise, would need to show a profit on a regular basis, I can't believe this loophole is used that much.
http://www.statesman.com/news/nation...0tqOOBSDLxlEP/
Maybe the whales change their LLPs or C-corps every few years?
