Tournaments and taxes

[chigger]

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.

[Kurn, son of Mogh]

If you win the $11 SNG, you record it as +$39, if you fail to cash it's -$11.

[chigger]

Thanks for the reply, I thought thats how it should be done.