[NoahSD]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]

In the US, you can itemized your gambling losses up to your winnings.

[/ QUOTE ]

you sure about this? that's alot of HU SNGs i get to deduct (since i lose 40% of them, or 80% if it's on a weekend).

[/ QUOTE ]

The problem is you MUST use itemized deductions in order to be able to deduct your gambling losses. I would say statistically 80%+ of Americans use standardized deduction. People that itemize usually have mortgages/points they paid in the past year and such. So it all boils down to if your itemized deduction (Not sure if you won/lost that much for this to be worth it) is larger than your standard deduction (around $8400 for 2006 given you're single and not claimed as a dependent on someone else's tax return). If anyone has any more questions let me know. No pm's. k thx.

[/ QUOTE ]

So if I don't declare as a professional, do I seriously have to declare my income as all my profitable sessions (or tournaments), and then deduct all my losing sessions/tournaments? So like I'd claim my income as like 40k with 20k deducted or something ridiculous like that?