Re: How will part-time players survive a regulated poker site?
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Tax law would have to be rewritten to make it fair or even worth regulating, otherwise regulation might just kill the industry itself.
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How so? Losses are deductible at the federal level, as was explained. If your state doesn't do this, I guess you'll have to work for change at that level. Besides, these taxes are owed under the current system....the only thing regulation will change is reporting by sites.
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Yes, remember, state and local returns ask for your FEDERAL (form 1040) adjusted gross income. So if you can net that at the federal level, you don't really have to worry about state laws, unless they specifically tell you to add it back in on your local return.
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