Re: SNG tax question
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I intend to just give my accountant my total distributions for the year. I've only contributed $100, thus all of my withdrawals are profits over that amount. That's all that Party Poker provides, is a history of contributions and distributions.
I don't know if that is correct though. Will find out next year.
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My understanding is that this is not an acceptable way to record gambling winnings and losses. But it is certainly the easiest and most verifyable way to calculate your poker income. The biggest problem is that even though you deposited only $X and withdrew $Y during the year, $Y-X isn't anywhere near your poker winnings if your account has $Z more than it did at the beginning of the year, or if you transfered $W to another player, etc. Who knows what the IRS would do if you were audited.
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