Since the upcoming tax season is upon us, I thought I would be able to have the sbr faithful solve my dilemma for the past 2010 year.
I had an amazing run from mid-july to mid-september, turning about $100 to $16,000. Life was going well and then the NFL and NCAA decided to bend me over. I lost all the house money by mid-december.
Since the 16k did end up in my bank account at some point, do I have to report to the IRS still or am I off the hook because I lost it all?
Thanks for the replies, I'll be up in the morning if you guys need me to respond back.