[mrick]

[ QUOTE ]
not paranoid at all because i paid my taxes on the income

[/ QUOTE ]

Good for you. What about Richard?

Richard is learning. He isn't doing too bad. He's a part time college student and full time worker. What a drag. But he gets some poker enjoyment and scraped up 5K for his neteller account. Married his high school sweetheart. Tax wise, his life is simple. He doesn't itemize. Life isn't bad.

He played all year and won some and lost some. He had $9000 of winning sessions. Unfortunately, he had $9500 of losing sessions. He withdrew his $4,500 - what with Christmas and all - and books.

Now comes Uncle Sam with his super matching program. Richard has nothing on line 27, misc income. It never occurred to him.

He doesn't itemize, so there isn't any place to deduct his losses. You think he should have claimed $9,000 in income?

I am glad you are hunky-dorey. But what about Richard?

mrick