In a message dated 9/7/2007 10:52:52 A.M. Eastern Daylight Time,
Marksalot300@aol.com writes:
I think that Mickey's point is that the poker player shouldn't get nailed
25% for every penny that he won, only for the profit. If "Joe" spent $18,000
in entry fees and won $21,000, he should get popped on only the $3,000. It
would be fairly simple to do, even in a huge multi-event series like the
recent
WSOP where one 1099 could be issued per player with the total profit noted
for all events combined. Of course, the IRS would never see it like that
because they'd lose the free use of the money until Joe filed for his refund.
I understand what he is saying, but a W2G is issued for the gross win, not
the net.
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