I know this is a Jai Alai board but Im sure there are poker players here as well. I wonder how many people pay the proper taxes on poker winnings. I once looked into it just to be on the legit side of the IRS. If I remember correctly to be to the letter of the law you had to declare each individual session and in some cases each individual hand of poker that you played at a table and not just winnings - losses = taxable profit. I found this mind boggling because if you were not listed as a professional, you could only right off $100,000 in losses. If you had $150,000 in winning hands but also had $200,000 in losing hands you would be taxed as if you had won $50,000. I wonder how many people declare poker winnings this way?
