a couple tax questions

wax42 · #1 04-13-2007, 07:17 PM

I'm not filing as a pro.

1) In the "Other Income" section of form 1040, do I list each winning gambling session individually, or add together all my winning gambling sessions and just have that one entry?
2) Same question but regarding the deduction of losing gambling sessions on Schedule A. List each individual losing session or add all losing sessions together and just put that sum as one entry?
3) If I receive a bonus while playing poker or earn rakeback, can I count that as part of the session's result? For example, say during a session I lose $110, but receive a $100 bonus and make $30 in rakeback. Can I count this as 1 session where I won $20?

domer2 · #2 04-13-2007, 08:21 PM

I'm not sure about rolling the bonus into the session, but rakeback probably

Total all winnings and itemize all losses.

I'd consult with a tax professional for in-depth help.

Poker CPA · #3 04-13-2007, 10:18 PM

1. one entry, plus each W-2G
2. one entry
3. Yes, allocation is fine. Bottom line, you won $20, case closed.

wax42 · #4 04-14-2007, 01:54 AM

Thanks, those were the answers I was hoping for.