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[QUOTE="RogueRivered, post: 1044420, member: 45593"]
Unless you're a professional poker player, net winnings isn't the key. You still need to report your winnings; you can only deduct up to the amount of those winnings if you itemize. If you have a lot of winnings and a lot of itemized deductions subject to the 2% AGI adjustment, you really get the short end of the stick.

Zach, do you file as a professional? If you can pull it off, it sounds like a very sensible thing to do, which allows you to deduct other poker-related expenses beyond losses.

Also, how do you think bonuses and rakebacks should be treated? Cash bonuses and rakebacks seem like clear income items to me, but what about Frequent Player Points? I suppose if you can use them to enter tournaments in lieu of an entry fee, then they have an actual monetary value that you should report. You'd know a lot more about all the bonus deals as I've never played enough to earn any!

Your point is? Cheating on your taxes? Risky. I wonder how many U.S. players actually report their winnings as they're suppose to? Probably a pretty low amount. If that's the case, the IRS might just decide to make it a priority in upcoming audits. Since 9/11, it's not so easy to hide money offshore anymore.
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