Re: How to Turn Poker Into A Business (TAXES)
If you are not filing as a pro then it is very simple.
You are required to keep track of every session that you play. You add all of your winning sessions and report that as gambling winnings on line 21 of the 1040 form.
You add all of your losing sessions and report that as an itemized deduction of gambling losses. You cannot net your wins and losses and just report how much you won. You cannot deduct any expenses related to playing such as; a new computer, trip to Vegas, smashed mouse, etc.
Lost Wages
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