Re: The Tax Man Cometh
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Since i only play online and am a winning player, there are no losses to deduct(some people will really have a problem with that, but i think its reasonable and also legal under current tax code.)
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You are quite wrong.
Page 12 of Publication 529 of the IRS Tax code:
"You cannot reduce your gambling winnings by your gambling losses and report the difference. You must report the full ammount of your winnings as income and claim your losses (up to the ammount of winngings) as an itemized deduction."
You can not legally claim net wins.
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