re: Poker & tax
Originally Posted by S3mper
I have a question myself..
If you satellite your way into a tournament can you deduct that entry fee from your taxes?
Example you play a $110 qualifier and you win a $1,100 tournament ticket and you enter into a tournament using the $1,100 ticket and you lose can you deduct this $1,100?
Sure it isn't $1,100 out of my pocket but it is $110 out of my pocket and technically I could have sold my ticket instead of using it to enter so that $1,100 ticket actually had the cash value of $1,100...
You can only deduct up to the amount of winnings, and not over it.
You can only deduct the $110, since you must prove that you paid $1,100 to enter the MTT.
Side note, you must pay tax on the $1,100 ticket, since it is counted as win and not a loss.