i have a client who has been very successful for at least the last 3 years. His net income , mostly from fantasy sports , has been $50,000, $300,000 and $600,000 thus far in 2022. He also has a fairly successful full time business other than his gaming. With such success in three consecutive years I was wondering if he could consider the gaming as a business and possibly contribute to a defined benefit plan.
My thought is that even though it is part time is seems to raise to a level above a hobby. He does pay for research and devotes a fair amount of time to it.
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Gabriel Bentovim
HOFFMAN & BENTOVIM, CPAs PC
Commack NY
631-499-1500
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