Tourney Taxes Question

[fsuplayer]

I am going to my accountant today for the first time, but was wondering if anybody knew the answer to this question, bc he may not since he prob. hasnt dealt with alot of gambling tax clients.


Hypothetical Situation:

Cash Games

Yearly Winning Sessions Total: $20,000
Yearly Losing Sessions: $10,000
Net Income: $10,000

Tourneys:

Winnings:$10,000
Entry Fees:$1,000

Are the tourney like the cash games where you subtract your losing sessions from your winning sessions i.e. $9,000 added to your income?

Or do you add the $10,000 to your cash game income for a total of $20,000, then deduct the $1000 in entry fees at the end of the year?

Any help or advice is greatly appreciated!

FsuPlayer

[fsuplayer]

n/m

[Syntax]

Isn't it $19k net either way you add it up?

[ChristinaB]

I'm no expert, but I would think you deduct the entry fee of any tournament you win directly from that tournament's winnings and add net win to your wins. Fees for tournaments you lose would be added to losses. In other words, each tourny is a separate session at the table.

[fsuplayer]

My example may or may not be right...
I am just wondering in general if you count tourney fees as a losing session included in net income, or if it is a deduction at the end of the year. I am itemizing right now and need to know how to seperate and add it up.

FsuPlayer