06-20-2015, 08:02 PM
(06-20-2015, 05:49 PM)Benton Wrote: I could enter 10 tournaments costing $1000, win one for $1000 and I'm taxed on it. So I'm $9500 down.
If its a hobby, you should get taxed on any winnings. The nature of the hobby is no different.
Yeah I would double check with the tax man. The govt may owe you some money.
I have a hard time believing you think it should be taxable if you you lose $8000 because in the middle of losing 9 hands you win one.
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