Poker related write-offs for non-pros

[Poker CPA]

Source MEGA? Please.

[MasterLJ]

[ QUOTE ]
If you file as a "hobby," the only thing you can deduct is losses. Under no circumstances should you just "net" winnings.

Mega

[/ QUOTE ]

That's not true at all. You can absolutely deduct things like Home Mortgage Interest no matter what your profession is. Did you just mean that you may only deduct your losses in terms of gambling-related expenses?

I don't think anyone is talking about netting winnings either. I'm getting royally fisted because my income was inflated by about $25k due to properly reporting winnings. I think if I was a bit more careful with the term "session," I might see a savings (might not also), since currently I used PokerTracker and sorted by day.

[MegaDisgruntled]

yeah, referring to gambling related expenses only.

Mega

[Poker CPA]

Mega:

Can you give the source of that in the IRS rules and regulations. It would be helpful to MasterJ.

[MasterLJ]

Which part?

[Poker CPA]

gambling related expenses