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[QUOTE="dmorris68, post: 2225090, member: 40397"]
No, re-read my post.  Get deposits out of your mind, nothing about a deposit is deductible.

It's about profit and loss.  As long as a deposit still sits in your account, it's neither -- it's no different than if it were still sitting in your bank account.  Only what you lose through sitting down at a poker table becomes a loss that is subject to deduction.

To use your example, if you deposit $300, spend [U]all[/U] $300 of that in BI's, and win $800 gross, then yes you can deduct $300 from the $800 gross winnings to yield a taxable income of $500.  However if you only spent $100 in BI's, then you could only deduct $100 of that, the remaining $200 would still be your asset and neither taxable nor deductible.

Basically, if you play strictly tourneys, you're expected to total up all of your buy-ins.  That constitutes your losses.  Then total up all of your cashes, that's your gross winnings.  If you win more than you lost, then you can deduct the losses before claiming the difference as income.  If you lost more than you won, you can't deduct anything as a recreational player.  You may be able to as a pro, I'm not sure as I'm neither a poker pro nor a tax pro, but from your questions I'm guessing you're not either.  ;)
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