Taxes and Online Poker

[aw1978]

Hello, first time poster, though I've been following the forums for some time now.

I know this topic has been rehashed in the past, but I just wanted to get some clarification on some things. I understand that aggregate gambling winnings must be added to income for tax purposes while aggregate losses must be taken as itemized deductions.

However, the definition of a "gambling session" is somewhat nebulous. For example, I play single table NL hold'em tournaments, 3-4 tables at a time. This is a continuous activity (I start a new table as soon as I finish one) for x hours per day. So, if I have a winning day, does that count as one session? Or, would I have to actually add up tournaments in-the-money as income, and (total tournament losses) * (buy-ins) as an itemized deduction?

That seems to be the nit-picky letter of the law, though I think it fails a "common sense" test. Any CPAs or tax attorneys out there?

http://www.onlinepokerfaq.com/guide/us-taxes.html