Re: When are internet poker earnings taxable income?
[ QUOTE ]
I think Greg's answer is correct. If you use poker tracker, its easy to export all your sessions to an excel spread sheet, then use an if statement to separate the wins and losses. Remember, you only have to report the total of your winning sessions under miscellaneous income and then subtract the total of your losing sessions (up to the amount of your winnings) on schedule A. What most of you will find, howerver is that if you had a break even or losing year you will pay more taxes than otherwise because your gross income will be higher. It's not fair but it is the law.
[/ QUOTE ]
|