Hi Oucymichelle,
While there are risks associated with being a professional gambler, the IRS will still limit your claiming of losses against all gambling winnings you may receive but allow you to reduce any gambling winnings by any of those losses down to zero, in addition to claiming the business related expense of being a professional gambler.
Hence, you could still have a Net Loss which could reduce taxation on other income you receive. But, if you have net earnings from Gambling, that Net gain from gambling winnings less losses, and then subtracting your gambling related business expenses will subject you to Self-Employment Taxes of 15.30% on the over net amount.
Self-Employment Tax is a fancy way of saying Social Security and Medicare Tax, Twice. Fortunately, whatever that tax amounts to you will you will an income deduction of 1/2 of that amount, before beging subject to Federal Income Tax on any remaining amount.
Read Further half way down the next page on the link below:
https://turbotax.intuit.com/tax-tips/jobs-and-career/how-to-pay-taxes-on-gambling-winnings-and-losse...
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