[Tuff_Fish]

[ QUOTE ]
So If I play 1k tourney today won 6k pay tax on those 5K.
Then tomorrow I play 5k tourney and lose.
Next day I play 2k tourney and won 7k pay tax those 5k (which is 1k) again.
Then next next day I play 5k and lose.
I suppose to break even on those 4 Tourney but now I'm -2k?

[/ QUOTE ]

I don't follow your math.

I am assuming 20% withholding like a waitress or something.

You win 5k, you carry 4k out the door. next day you lose early, you carry nothing out the door and pay no taxes.

At the end of the year, you total up your losses and buyins, subtract from your total winnings and pay taxes on the difference.

What am I missing? Is this even an issue? If you go onto "Who Wants to be a Millionaire" and win $250,000, I can assure you you do not pocket the whole $250,000. Uncle gets his take right up front.

A lot of folks that are not on a regular salary get withholding taken out.

[img]/images/graemlins/confused.gif[/img]

Tuff