Join Date: May 2012
Posts: 4,180
Sorry if this question has been covered or is obvious.
I file as a professional (mainly a cash game player) and have - few W2G from tournament cashes last year. I included all my tournament wins and losses in my net income for the year and my reported income easily exceeds the totals of my W2G.
What I'm unsure about is what to do with the W2G specifically, if anything at all.
I've been told by some tax people I don't need to do anything with them as those winnings are included in my net results for the year, but I don't know how to make sure the IRS knows that. I was told that when they see i claimed more income than my W2G are for they should know but any clarification would be great.
If it matter, I lost in tourneys for the year.
Thanks.