tax question on WSOP cash

[mtgordon]

The amateur gambler cannot net his wins and losses, but I'm am pretty sure he can deduct his losses like it was mentioned previously. Maybe I'm misunderstanding you and you're not actually disagreeing with me?

[Russ Fox]

to the OP:

Unless you're a professional, you cannot net your wins and losses. Your wins go on line 21 (other income) and your losses are an itemized deduction (Schedule A). Your gambling losses are useful IF you itemize.

Unfortunately, you reside in Taxachusetts, er, Massachusetts. MA does not allow gambling losses, so you will be taxed on your full win on your MA return unless you file as a professional.

Russ Fox

[mtgordon]

Just in case OP is not aware, Russ Fox = The Man as far as gambling taxes are concerned. If I knew he was going to respond to this thread I would have kept my trap shut.

[PokeReader]

Move to NH

[thepokerace1]

Anyone find that the WSOP 1500 were just too big? I know that the pot is bigger, but it is grueling. I also played in the Bellagio and ceo poker, which were smaller fields but it seemed to be easier to move up the ranks. Regardless, didnt make it in the money in the small tournaments either, maybe I need to buy a Helmuth CD.