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Old 01-26-2007, 06:10 PM
yellowbastard yellowbastard is offline
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Join Date: Jun 2005
Location: Atlanta, Ga.
Posts: 471
Default Re: Ways of reporting poker winnings

I didn't make that much money in 2006 because I was in school for most of the year but my net poker winnings where more than what's on my W-2

Poker: $8300 ($33,500 winnings - $25,200 losses)
W-2: $4500

I did my taxes both ways last night and found that my tax liability increased by $819 when I used schedule C to report my poker winnings.

TL Schedule A way: $377
TL Schedule C way: $1196

Can someone point me to something from the IRS discussing how the poker income must be reported in my situation.
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