Taxes and the FPP store

[jt1]

I couldn't find this in a search. Say I purchase the Porsche through the FPP store at Poker Stars. Would I have to delcare the value of that item and all other items on my Tax return? Obviously, things like MPP players could easily be hidden but I imagine if the IRS ever launched an investigation than they might ask where you got the nice car.

[NickMPK]

Yes, you would have to declare it.

The run-of-the-mill junk that most people get using their online points is technically taxable income, but unless it is over like $1000, it's probably fine to just call it de minimus and ignore it. But a car is certainly not de minimus.

[RikaKazak]

car = pay taxes

that stess ball = technically yeah, and it would be funny to see someone claim it, but realistically...no

[ScoobyDooo]

if a casino gives you a comp room or picks up the checks from your dinners, do you have to claim the value of those as well?

[xSCWx]

[ QUOTE ]
if a casino gives you a comp room or picks up the checks from your dinners, do you have to claim the value of those as well?

[/ QUOTE ]

I'd venture to guess the answer to this is yes, but I doubt they are going to audit your check at the diner.

[NickMPK]

You don't have to report non-cash benefits that have so little value that "accounting for it would be unreasonable or administratively impracticable". Where exactly the threshold for this is unclear.

[ScoobyDooo]

yeah that seems to be a really relative and unclear statement...similar to a "session" when trying to record your wins and losses.

seems you should be able to get away with quite a bit because they chose not to define these terms

[Dennisa]

While not as much, your State is going to look for registration, Sales tax and license fees on the Porsche. Easily over 10k -20K to get plates in a state like California.