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[QUOTE="zachvac, post: 1044442, member: 26306"]
Well I know you have to report them, but I meant overall it didn't make a difference in YOUR individual tax amount. Also most people who gamble leave each session with less than they came with. Not too many win $100 at a craps table and decide to quit while they're ahead.

Not last year, but most likely this year. I'm definitely keeping track of what I spend stuff on so I can see how much I can deduct at the end of the year and see if it's worth paying the extra self-employment tax or w/e it's called that your employer usually pays half of.

There was actually some interesting discussion over on 2+2 where a tax attourney actually commented. He basically said that like airline miles, before cashed in, fpps are not subject to taxation. But as soon as they are redeemed (and the income becomes realized, basically can be cashed out), you must pay tax on that. If you use it to buy something, you pay tax on the cash value of that product, whether it's a tourney ticket, TV, or monkey.
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