Re: Anyone over 6 figures actually filing as a Pro?
If not filing as a pro, you pay taxes on an amount equal to your gross income minus your losses.
You do not pay taxes on your gross winnings (or income) and deduct your losses.
However, unlike a pro, you cannot report your net winnings, you must report your gross income and itemize your deducutions (e.g. each losing "session").
Losing session ("losses") are an itemized deduction, not a tax credit to be applied against the amount owed.
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