#1
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Are there any tax concerns when trading actual $ for online poker $?
Long story short, I gave a friend of mine $1000 in cash for $1000 on a poker site because he was having problems setting up his epassporte and needed the money sooner than he'd be able to get it.
My concern is, would it appear to the IRS (if they ever decide to check) that I earned the extra $1000 I'll now be cashing out from said poker site? Would I owe taxes on it as if it were additional earnings? After all they have no way of knowing what I spent the $1000 on, but it will be very clear where it came back to me from. Should I get my friend to reverse the process with me once his epass works to avoid these issues, or am I worrying for nothing? Thanks guys. |
#2
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Re: Are there any tax concerns when trading actual $ for online poker $?
The transfer is 100% non-taxable...But that's not to say the IRS may not try to say it is..Simply document it, keep good and accurate records and you have nothing to worry about...
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