Sun, 03/20/2011 – 18:57 – PokerPages Staff

Professional poker players in the United States can now fully deduct business expenses from their taxes legitimately, even if they have recorded an overall loss.

An article published in the Las Vegas Review Journal earlier this month has confirmed that any individual costs, such as traveling to a casino, can be written off as expenses.

Poker tax expert Ann Margaret Johnston spoke about the ruling in an interview earlier this week.

“This recent ruling is a victory for poker players for a change. This makes it where we can finally treat the expenses by pros as actual write offs even though they may not have income.”

Johnston admitted that there had been confusion in the past regarding the issue.

“No one had any clue what to do in the past. I have always taken those expenses for my clients, feeling I could defend it.”

The change in ruling was prompted by a case involving Robert Mayo that occurred a decade ago.

The Review Journal explains the details of the case which has all but legitimized gambling as a profession.

“As part of his tax return that year, Mayo listed expenses of $10,968, which included automobile expenses for travel to the racetracks and fees for handicapping information.”

“The court ruled those expenses were not a wagering loss, but business expenses that contributed to a net operating loss for the year.”

The ruling, which passed in January, only applies to poker players and gamblers who are deemed to have derived the majority of their income from gambling.

Tue, 03/15/2011 – 06:08 – PokerPages Staff

#5 – Cyndy Violette, $856,607
Cyndy Violette comes in at number five of our list with $856,607.  She has one World Series of Poker bracelet under her belt.  In 1982 Cyndy started out dealing blackjack in Las Vegas.  Gradually she became a player.  Her total winnings are $1,023,462.

#4 – Jennifer Harman, $974,975
With $974,975, Jennifer is at number four of our list of top five women WSOP money winners.  Jennifer has won two World Series of Poker bracelets and has four first place finishes to her name.  Jennifer was born in Reno, Nevada and started playing poker at the tender age of eight.  Her total winnings amount to $2,522,840.  

#3 – Kathy Liebert, $982,917
Kathy Liebert makes it to the third position on our list with $982,917.  Kathy is one of the leading money winners in professional poker.  She won a World Series of Poker bracelet at the 2004 World Series of Poker.  With 13 first place finishes, Kathy’s overall earnings are $5,395,484.  Kathy is from Las Vegas, Nevada and started playing poker when she was about 12.

#2 – Annie Duke, $1,159,222
Annie Duke makes the cut at number two with $1,159,222.  Annie grew up playing poker with her dad and brother.  Her parents were both teachers.  Annie has won a World Series of Poker bracelet and has four first place finishes to her name. 

#1 – Annette Obrestad, $1,914,600
Annette Obrestad is at the top of our list with $1,914,600.  Annette won the 2007 World Series of Poker Europe Main Event.  She took home the coveted title and more than $2 million in winnings.  She has three first place finishes to her name with overall winnings of $3,031,989.