Re: Ed Miller\'s Tax Article
Pretty much yes. You must report your total winnings. However, you can deduct your total losses up to the amount of your total winnings, in most cases. What you CANNOT do is report a "net" win and leave it at that. You also cannot claim more losses than winnings.
For example, you play 1000 sessions and win $100 in 550 and lose $100 in 450, you must report total winnings of $55,000 and deduct total losses of $45,000. What you cannot do is simply report winnings of $10,000.
It is an enormous pain in the ass.
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