tournament winnings in the US in 3/2008 a sort of a tax question

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In/after 3/2008 in the USA one will have to pay 25% from tournament winnings that are at least or bigger than $5K. Can you deduct the loses too, when you don't win? That's not per year or something but per tournament win? Is that true for online tournament winnings too? It looks like the cost of tournament poker might be getting too high because of the tax from mostly temporary winnings, where one has not got to a long run yet. That could make it impossible to make a score playing higher limit tournament poker.

The tournament games could get good for us non-US players, and the cash games tougher. As I am now playing nl, I am just wondering if I should start putting efforts on tournament poker too as it just might be offering better games in the future. Though I have seen that what seems most cash players at limit games have been playing too tough games for the rake for years online, not understanding not to, so the same might be true about this case and no fishier tournament games are to be expected.

It's true I can play the tournaments at the EU sites and land casinos (and tax free) but online they don't offer as much as e.g. the Stars, though we have to pay taxes from whatever we win there but it's at least in my case per year. The US players might soon be allowed to play anywhere online.