[driller]

By the time tax time rolled around for 2004 (April of 2005) I was having a pretty good year. Even though I lost some money in 2004, I decided that I would account for my gambling winnings/losses according to the rules for a non professional (which I am since gambling will never be my primary source of income as long as I'm working).

Anyway reporting my gross winnings of some 80,000 +/- (another reason to have poker tracker)and then deducting the same amount on Schedule A resulted in an increased tax liability of about $3000. I don't know exactly why that happened, but I did with and without in TurboTax and that was the result.

I went ahead and paid the extra tax because I don't want them to ask next year if I started playing on 1/1/05.