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Message: [QUOTE="RogueRivered, post: 1318443, member: 45593"] You have it right. Unless you itemize, you cannot deduct your losses. Only if you itemize and are not a pro. You can't net out your sessions and report it on line 21 of Form 1040. You can only add up all your winning sessions, report that total on Line 21, and then IF you itemize, you can offset your losses (on Schedule A) up to the winnings reported on Line 21 of your 1040. I think people may get confused when you say you only pay on NET winnings. In many cases, effectively, that is correct, but so many losing players assume they don't have to worry about reporting anything on their taxes, and that is simply not correct. Even losing players have to report their winning sessions. [/QUOTE]