chigger
03-29-2006, 10:57 AM
I've seen a lot of posts on ring game play and defining sessions, however have not seen anything on tournaments.
My question is when report your wins and losses, is every entry fee a "loss" and every cash a "win" (for the full amount of the prize, ie. I win a $11 SNG, report an $11 loss and a $50 win)?. Or do you define each OOTM tourny as a loss of the buyin amount and each ITM tourny as a win (prize minus buy-in, ie. I just report a $39 win for the same win in and $11 SNG)?
Probably would not make a huge difference in your tax, but the latter would have lower win total and lower deduction of losses for those wins.
My question is when report your wins and losses, is every entry fee a "loss" and every cash a "win" (for the full amount of the prize, ie. I win a $11 SNG, report an $11 loss and a $50 win)?. Or do you define each OOTM tourny as a loss of the buyin amount and each ITM tourny as a win (prize minus buy-in, ie. I just report a $39 win for the same win in and $11 SNG)?
Probably would not make a huge difference in your tax, but the latter would have lower win total and lower deduction of losses for those wins.