Tax Claims for 2005 Tournaments

[Fishin_4_Fun]

AFAIK, unless the tax code has changed recently, as a hobby you can only deduct up to the portion of your winnings that's above 2% of your Adjusted Gross Income.

For example:
If your AGI is $50,000
2% of that is $1,000
You win $10,000 in tourneys
You can only deduct $9,000 in expenses, even if you actually had more than that

[MsgMills]

Yep, that was what I was saying and meaning, at least you can recoup some of your expenses over the 2% limit of your AGI.....