Originally Posted by RogueRivered
Yes, but you can't net winning sessions against losing sessions. Winnings sessions go into your income, while losing sessions are deducted (up to winnings) on your itemized deductions. If you don't itemize, you can't claim any losses. Unfair, I know. But that's the way it is.
So let me get this clear... I know i cant net my total winnings with losses, but i can do this right??
session 1 +50 <-- net of the session (totals _ winnings +150 , losses -100)
session 2 -10 <-- net of the session (totals _ winnings +200, losses -210)
session 3 +20 <-- net of the session (totals _ winnings +300, losses -280)
session 4 -20 <-- net of the session (totals _ winnings +100 , losses -120)
so on my tax forms i fill out...
winnings (income ) +70 , loses (deductions) -30
winnings (income ) +650, loses (deductions) -610
correct? basically i add nets of sessions and list them as winning sessions and loosing sessions. correct? there is a huge difference in income tax if i do it by sessions rather then by just totals of all winnings and losses.. huge amounts in the second case...
also.. since i`m switching my tables because some of them become empty that is still continuing one session correct?