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  #20  
Old 10-15-2006, 11:16 AM
Vern Vern is offline
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Join Date: Feb 2004
Location: Trying to understand SSHE
Posts: 2,185
Default Re: Poll: Do you claim taxes on your winnings?

[ QUOTE ]
Who here has been audited by the IRS?....Get it?

[/ QUOTE ]
I haven't been audited but then I claim my poker profit using the day+limit=session method. I actually consciously don't switch limits during a day and plan one continuous play period so I can maximize the number of hands in a "session" and therefor minimize the "loss" deduction since that does not work fairly for people that report wins & losses. My CPA says as long as the play period is one limit and continuous, even if multitabling and table hopping, it gets booked as one session for tax purposes, but if I change limits or game it makes a new session. Maximizing the number of hands per session comes very close to just reporting wins-losses as income, but I do have some lossing sessions this way, just not as many and not as great in magnitude.
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