Ed Miller's Tax Article

[Nomad84]

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I don't see what the difference is between adding up the gross winnings and losses per session and just putting down the net total as other income. It seems like I'm going to come up with a net of $7000 in net income either way I slice it. Sorry if I'm dense on this.

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The IRS says that you cannot just use the net. You have to follow their rules. The effect is that if you aren't itemizing, you will pay taxes on an extra $3000, so there is a big difference, and it sucks. There is more to it, but I don't know enough about it to really expand on it.