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Postby iceman5 » Sun Mar 30, 2008 12:23 pm

Technically if you cant or dont itemize your deductions you are really screwed.

You still have to report the full amount of your wins but cant take any losses.

Consider a casual small time player.

He wins a real life total of $1000 for the year.

He has to seperate his wins and losses. His winning sessions total $6000. His losing sessions total $5000.

He cant or doesnt itemize.......he still has to report $6000 in winnings even though he only won a net of $1000.
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Postby emmasdad » Sun Mar 30, 2008 12:24 pm

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Postby Big_Leon » Tue Apr 01, 2008 4:01 pm

The older you get, the more rules they are going to try and get you to follow. You just gotta keep on livin', man. L-I-V-I-N. - Wooderson

Personally I just assume everyone sucks until they show otherwise. - Nortonesque
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Postby PZ » Tue Apr 01, 2008 4:37 pm

keep your head on straight and stay the course

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http://www.youtube.com/user/pokerzen1
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Postby SebQtaneus » Tue Apr 01, 2008 6:46 pm

Mekos King: Seb is now the way the truth and the light
Mekos King: as if we didnt know that already
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Postby iceman5 » Wed Apr 02, 2008 5:55 am

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Postby T-Rod » Wed Apr 02, 2008 7:48 am

Last edited by T-Rod on Wed Apr 02, 2008 7:51 am, edited 1 time in total.
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Postby GodlikeRoy » Wed Apr 02, 2008 7:50 am

Poker is silly.

It is not enough to be good at chess, you must also play well.

Somewhere in the world someone is training when you are not. When you race him, he will win.

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Postby Beavis68 » Wed Apr 02, 2008 8:23 am

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Postby emmasdad » Wed Apr 02, 2008 8:33 am

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Postby equus » Wed Apr 02, 2008 8:46 am

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Postby iceman5 » Wed Apr 02, 2008 9:10 am

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Postby antneye » Wed Apr 02, 2008 9:59 am

I net and feel comfortable sleeping at night.

I know it's technically wrong, but the present code is ridiculous for the casual gambler. I would have shown an enormous increase in my net income, which would then have a ridiculously high deduction to bring me right down to the same net gain.

Except..............

my income would look a lot higher than it really is and I would suffer in other areas of the tax code whch would actually penalize me for my hobby.
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Postby Beavis68 » Wed Apr 02, 2008 10:53 am

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Postby emmasdad » Wed Apr 02, 2008 11:05 am

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