Re: Are poker winnings considered normal income when it comes to taxes
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Yes, Yes, and Yes. The only problem is you can't net your wins and losses for a final total.
You have to report your winning sessions as income, and then deduct your losing sessions on Schedule C.
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Yeah. That is truly insane. No business has to report its income, and then deduct the losses, and end up having to pay taxes on "profits" that exist only on paper. But because it's "gambling", we get the shaft. Sigh....
-Mike
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