Quote:
Originally Posted by Fold_
Thanks I read the thread.
For someone who only plays online, should I still be doing my taxes on the "session by session" way? It just feels so awkward
There is no official IRS guidance as to how it is to be done, but the "session by session" method is generally thought to be the correct way. The method you use would only be an issue in the case that the IRS examines your return. If the IRS disagrees with the method you use, you may owe interest and penalties on any shortfall in your income taxes paid if you underpaid under the method they require.