Tax — White Llama

Tax Sessions · IRS session method (per-portfolio approximation)

Informational only — not tax advice. Each settled paper portfolio is treated as one session (all bets in a portfolio resolve at the same instant when the tournament finishes). The IRS has no safe-harbor extending the session method to sports betting; this is a defensible practitioner position. Consult a CPA before filing.

Year: All · 2026

Portfolio	Tournament	Label	Settled	W/L/P/V	Buy-In	Payout	PnL	Category
#1	Cadillac Championship	Cadillac Tuesday test	2026-05-03	11/17/0/0	$2,367.19	$3,344.22	+$977.03	GAIN
#2	Cadillac Championship	llama	2026-05-03	7/14/0/0	$1,880.66	$2,749.17	+$868.51	GAIN
#3	Cadillac Championship	dg	2026-05-03	7/2/0/0	$1,406.32	$2,679.13	+$1,272.81	GAIN
#8	Truist Championship	llama	2026-05-11	8/17/0/0	$2,383.19	$3,091.97	+$708.78	GAIN
#9	Truist Championship	dg	2026-05-11	5/5/0/0	$1,630.06	$1,875.28	+$245.22	GAIN

2026 Reportable Totals · All settled sessions

Sessions	5 total (5 gain, 0 loss, 0 wash)
Gross Winnings (sum of positive sessions)	$4,072.35
Gross Losses (sum \|negative sessions\|)	$0.00
OBBBA Adjusted Deduction (90% of losses)	$0.00
Taxable Phantom Income (winnings − deduction)	$4,072.35

Negative Phantom Income reflects the OBBBA delta vs your real P&L, not a refund. Real-world deductions are also capped at gambling winnings, so a pure-loss year deducts $0.