calculating winnings for tax purposes.

[geezus 0]

Hi everyone, just thought I should pass on some advice for anyone who is stuck trying to figure out how to report poker on their taxes. On Federal taxes gambling losses are deductable from gambling winnings this is not alway the case for state taxes, at least not in Michigan where I am filing. Initially I had planned on reporting just the net profit, but gambling sessions are required to be itemized. First I tried using (Cash-out- Buyin) but that gave me total cashouts exceeding 250K and buyins around 235k. Since I would not be able to deduct buyins from cashouts the state income tax bill would be huge. The correct way is to create a column for net result and add winning and losing sessions from that column in seperate cells.The way to calculate this in excel is have a column of net win/loss for each session.in a cell for losses use the formula SUMIF Criteria <0 Range (Column:Column)in a cell for wins use the formula SUMIF Criteria >0 Range (Column:Column)for both formulas the Column is the one with the net result.I'm not a tax professional so don't ask for any additonal advice, but I might be able to help with spreadsheets.