Quote:
Originally Posted by EDDtown
I've had around 60 accounts over the years & most of my online play was between 2003 -2006, however Ive played plenty afterward but most was sporatic & at different sites so would be tough to put much in the way of proof together. There were no online winnings, I've probably lost 200 deposits without cashing out anything. Live i win close to 90% of my sessions over 10 years.
You were still supposed to report the online winnings/losses on your taxes. If reporting as an amateur the winning sessions are other income and the losing sessions can be itemized deductions.
Same for the live winnings/losses.
And so if you reported the online winnings/losses you could have decreased your tax debt since you had an overall loss online and that would have reduced the overall amount of your live winnings.
Or if you report as a professional then you use Schedule C. Again, if you had included your online play you would have decreased your tax debt since the online losses would offset at least some of the live winnings and would decrease your overall "business income".
Or did you not report your live winnings on your taxes either? In that case then yea, reporting the results of your online play would not have reduced your tax debt.
Last edited by Lego05; 08-07-2011 at 05:55 AM.
Reason: I really can't figure out why the % of sessions we win is relevant so I took that part out