Re: Another tax question (for mainly MTT players)
I think the technically correct thing would be to get the list of tournaments played and use each cash (less the buy-in) as a profit and each out of the money finish as a loss. Claim your profit as income on line 21(other income) and deduct your losses on schedule A.
If you at least make a valid attempt to pay the correct tax you will probably not have much problem with the IRS.
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