Re: LOL Taxaments (This is terrible...)
The biggest problem I see is with tournament professionals. If you travel and have a near breakeven year, you'll be way down net cash wise.
I mean, imagine someone winning a tournament for 1mm, then losing 700k of it back playing cash games or other tournaments. Requesting a $100,000 refund is surely going to raise the eyebrows at the IRS. I pay and file my taxes, , but I'd much much rather to avoid a situation like this.
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