Canadian Poker Pro Fails Taxman Test

One Canadian poker pro tried to claim his losses at poker as losses in a business for his tax report and was found wanting.  Steven Cohen left his law firm to play professional poker, but after failing to get a tax advantage has returned to practicing law. On a 2006 tax form he listed nearly $200k as business expenses, but they were actually his losses when playing poker, both in live tournaments and online poker. The poker player's tax report was not approved by the tax authorities because his poker playing was ruled as a hobby, not a business.