Tax return question
Due to me being in school most of my life, and my dad enjoying the tax break from having a dependent, I will be filing a return the first time next year.
The salary I get from my job will be easy enough to calculate, but I have a question regarding poker winnings...
I anticipate being in the black on poker for the year, but I know that the typical way to report is to write your total winnings in, then deduct your total losses. Would it be problematic to simply declare your profit as income, and list no losses as a deduction?
I apologize for such a noobish question, and I'm sure I'm probably overlooking a basic mathematical concept in the process, but I think one of you can answer it better than I can research it.
|