[mikeca]

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At the end of the year, the IRS tax form has only one text-box that says "profit or loss form business". So, yes, at the end of the year, you would only enter the profit or loss.

However, for record keeping the IRS would expect you to have records of your wins and losses.

Furthermore, if you are making money (or at least trying to make money) by gambling, then your travel expenses to gambling destinations also become legitimate expenses and you can write them off.

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I am not a tax professional, but based on what I have been told, this is incorrect unless you are a professional gambler.

What I was told is that recreational poker players are required to report the total of all winning poker sessions as income. You can deduct the total of all losing poker sessions as an itemized deduction, up to the amount of your total winnings.

A few states to not allow you to deduct your gambling loses on state income tax at all.

Now exactly what a “session” means is a little vague. Most people think a session ends when you cash your chips out. Some professional players keep their chips in a private safe at the casino, presumably to avoid cash outs being reported to the IRS. I’m not sure if you color up to some big chips and take them with you to use next time, that really makes it one long session.