File your Poker Winnings?

[applej25]

[Lottery Larry]

well, I didn't have poker "winnings" to file, but I did file a net gain of zero.

So to answer your survey here, I did report last year and will report this year, but "winnings" isn't the right word. /images/graemlins/tongue.gif

[applej25]

Why would you file if you did not profit?

[Lottery Larry]

You're required to report ALL income by IRS regulation. You have to deduct losses against session wins, or you are filing false returns and if the IRS ever decides to stick a probe up your butt, they can go back and nail you for every year that you didn't report, even IF you didn't make a "profit"

That is my understanding at least.

[johnfromvirginia]

I think the main reason to report your net losses for the year is that you can carry gambling losses forward to future years. I think they expire in a few years and there may be a limit to the amount of prior-year losses you can use in one year, but if you have a good year this year, you would be able to offset some of the upside with losses from prior years. However, you can only use prior year losses if you reported them. If you don't report them, they go up in smoke.

[Lottery Larry]

"net losses for the year is that you can carry gambling losses forward to future years."

Unless this is a special exemption for players who qualify to file as professionals (i.e. self-employed), I'm 99% certain that you CANNOT carry forward gambling losses. I'm 100% certain that most people as recreational gamblers cannot- these are not business losses.

[renodoc]

You CANNOT carry-forward losses.

[applej25]

Interesting difference here. Anyone want to comment on why they do not know if they will file this year? Or why you did not file last year and did or will this year?

[MrDannimal]

I'm filing my B&M results, but not the online. Mostly because I had a table share of a BBJ and the casino reported it on their end.