Any interpretations, including those below, could be either accepted or rejected at the discretion or whim of an IRS tax examiner in an audit. As there is little clear IRS guidance issued so far in relation to poker play, other interpretations might be reasonable and defensible. Other answers, such as how winning and losing gambling sessions are counted, are less certain but based on knowledgeable interpretations, by experienced individuals, of the tax code, IRS-issued tax guidance and tax court decisions.
Some of the answers to tax questions below are based on clear and concise tax law, such as the fact that any money won at poker is considered gambling income and is a reportable event. IF YOU WOULD LIKE TO VOLUNTEER TO TAKE OVER THE YEARLY UPDATES, SEND A PM TO EITHER REPULSE OR POKERXANADU.ĭISCLAIMER: In the US anybody can give free tax advice, as long as no legal advice is rendered.
FOR UPDATES FOR THE 2015 TAX SEASON (2104 TAXES) SEE THIS POST. MOD NOTE: REPULSE HAS RETIRED FROM UPDATING THIS OP EACH YEAR.
