[AL5AcE]

I know the accepted way of reporting is to tally winning sessions and write the sum of losing sessions as an itemized deduction. However let's assume that all of my poker income goes through Neteller and cashed out to my bank account before I use any of it. It would be different for someone with a Neteller debit card or takes checks/epassporte directly from the poker site.

So, what are the implications if I just report all of my Neteller cashouts as a sum under other income? If I haven't been keeping good records of my MTT win/loss, rakeback, bonuses, etc... isn't this a more accurate way of doing it? It avoids me getting taxed on my bankroll before I get to use it, just like not cashing out your stock portfolio (where you must report income tax only when you do cash out).

Is anyone already doing this and how is it working for you? How about potential problems? For live players who can spend their bankroll any way they want the old accepted method seems like the best and only way to correctly report. However, shouldn't they actually make this the accepted way for reporting online poker taxes, given certain criteria is met? Wouldn't it be no different than if I was an online merchant selling items on eBay and reporting my PayPal cashouts as income tax?