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Another tax question (for mainly MTT players) Another tax question (for mainly MTT players)

11-23-2007 , 12:31 AM
I basically only play MTTs I haven't really kept very good records because my stats are tracked on officialpokerrankings.com. I know you are supposed to record wins and losses seperately for taxes so my question is can I just use "Prizes" as wins and "Prizes" - "Profit" as losses? This would seem to work, but I'm not sure how the IRS would like this. Any thoughts would be appreciated.
Another tax question (for mainly MTT players) Quote
11-23-2007 , 01:20 AM
how the [censored] do they know if u play a bunch of 30 dollar tournamnets didnt cash in most of them then ran like jamie gold and took one down for 100k or whatever?
Another tax question (for mainly MTT players) Quote
11-23-2007 , 01:31 AM
it doesn't matter your losses would still be prizes-profit and your wins would still be prizes wouldn't it?
Another tax question (for mainly MTT players) Quote
11-23-2007 , 03:51 AM
I think the technically correct thing would be to get the list of tournaments played and use each cash (less the buy-in) as a profit and each out of the money finish as a loss. Claim your profit as income on line 21(other income) and deduct your losses on schedule A.

If you at least make a valid attempt to pay the correct tax you will probably not have much problem with the IRS.
Another tax question (for mainly MTT players) Quote

      
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