It\'s the GROSS INCOME that\'ll kill you
You realize you have to count every "up session" as part of your gross income. Then you deduct the "down" sessions from your adjusted gross income. That means if you have 500 sessions up $100 each time, poker adds $50,000 to your gross income... even if you have 500 sessions down $100 each time. You still have to tell your financial aid department your gross income was $50,000--even though you "broke even." They don't care about the gambling losses you want to deduct.
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