Some US tax questions

[random50]

I just started playing poker online again for the first time since I came over to the US (I'm now classed as a resident alien for tax purposes). I've been doing some searching around and as far as I can gather it works like this:

Declare each winning "session" as "other income".
Declare each losing "session" as an itemized deduction.

Is this correct?

I'm a grad student, so my itemized deductions are virtually zero and excluding poker I'm far better off taking the standard deduction.

Including poker, it's going to depend what a "session" is. The more hands in a session, the more likely I'll be up overall and so the less I lose out on by not itemizing deductions. Typically I multitable 4-6 tables for 1-2 hours a day. Is each table a session (dear god I hope not!)? Is each day a session? Could I stretch it out further than one day?

Also, since this is the first I've heard of this ridiculous session method for reporting, I haven't been keeping suitable records. I've been using pokertracker this month, but prior to that I have approx 200 STTs and about 2000 cash hands which I couldn't possibly break down by session, though I do know exactly how much net profit they yielded. What do I do about that?

[pokerchap]

i dont think you have to pay taxes if you are below poverty level

[random50]

LOL! It does feel like I'm there, especially here in New Jersey, but no, sadly I do have to pay taxes.

[FutureCarpal]

I am a CPA for a public accounting firm (not a tax guy though). I have asked several people in our tax group what the definition of an individual "event" or "session" is for purposes of netting gambling winnings/losses. It makes a huge difference and I would be really interested in finding out as well.

[Mike Haven]

http://forumserver.twoplustwo.com/sh...age=0&vc=1

[random50]

Much appreciated, Mike. I spent 40 minutes with the search function failing to find that!

[Mike Haven]

Its link is in the sticky.