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Old 11-29-2007, 06:07 PM
Small Fry Small Fry is offline
Senior Member
Join Date: Sep 2006
Location: Livermore, CA
Posts: 761
Default Re: When does the tax man cometh? (USA)

You will need to net wins against losses. This might be done by session, day or possibly week. Most likely reporting gambling winnings as misc. income and reporting the losses on Schedule A. Or maybe you do this professionally and file a schedule C?

Consult your tax advisor for more detailed information on this, along with the state you live in vs. the states where you make the money for more detailed instructions with regard to state taxes.

Good luck...and don't piss off the IRS
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