Becoming a Sports Handicapper...tax laws?

Question

Im on the verge of becoming a professional Sports Handicapper. What tax laws do I need to follow? How do I report? How much do I report? Who do I report to, Local, State, or Federal? etc...

I cannot find any answers anywhere, but I do know gambling is a taxable and deductable.

Thanks for your time and help.

Answer 1

It's a business, like any other. You report your business income on Schedule C along with any legitimate business expenses. File Schedule SE to calculate the self-employment tax.

Gambling winnings are fully taxable. Losses are deductible to the extent of gambling winnings only.

Gambling and handicapping are NOT the same, just in case you didn't know.

Answer 2

Agitating a riot, public drunkeness are already against the law. A totally unprepared unprofessional police force too timid to enforce the law is the problem. What would have happened to those guys in New York. Swat and mounted would have gone to hats and bats before the game was even over. The miscreants would have woken up in a holding cell at Rikers or the emergency room at Bellevue.