#91
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Re: Frozen Neteller funds *ARE* taxable
See what I have to put up with in the money making forum. Snipe jumping all over you for trying to give your opinion.
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#92
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Re: Frozen Neteller funds *ARE* taxable
Ron what's your opinion on Vanguard's International Growth Fund?
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#93
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Re: Frozen Neteller funds *ARE* taxable
Ron, are you an expert on the Vanguard funds or an underachieving quarterback or both?
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#94
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Re: Frozen Neteller funds *ARE* taxable
LOL, im an overachieving quarterback, but just in a flag football league. LOL I have thrown 14 touchdowns in 3 games to lead the league. I dont have the running ability of the real ron mexico though.
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#95
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Re: Frozen Neteller funds *ARE* taxable
I am (Obviously) not an expert on these things.. but my thinking is you made the money in 06 you pay the taxes on it in 07... Money is stolen in 07 you file that in 08 (or on quarterly filings in 07)
If my logic is not right what date would be the cutoff? If i won money in 06 and it was stolen (or not accesable to me ) on Jan 1st do I not pay? Feb 1st? March fist? April 14th? |
#96
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Re: Frozen Neteller funds *ARE* taxable
I am a CPA who does financial accounting and reporting for public companies and haven't touched tax issues since the CPA exam, besides doing my own very simple return.
Having said that, this is a pretty black and white case that its taxable. Its right up there with thinking "if I don't cash this paycheck until next week in January.." or something like that. As someone mentioned, it causes an ugly cash flow problem but it'll even out in the end assuming you take a loss in 2007. |
#97
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Re: Frozen Neteller funds *ARE* taxable
CPAs,
How do you guys account for working bankrolls when filing poker tax returns? Everyone knows that we can't make money by having $0 in our poker accounts, so a working bankroll is a necessity and (theoretically) isn't really "money earned" until it's removed from the bankroll. |
#98
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Re: Frozen Neteller funds *ARE* taxable
Thats why the IRS wants to "remove" their share.
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#99
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Re: Frozen Neteller funds *ARE* taxable
[ QUOTE ]
How do you guys account for working bankrolls when filing poker tax returns? Everyone knows that we can't make money by having $0 in our poker accounts, so a working bankroll is a necessity and (theoretically) isn't really "money earned" until it's removed from the bankroll. [/ QUOTE ] I see what you're saying, but in all fairness, you pay tax based on your winnings, not your bankroll. Think of it like an investment. You deposit $10k (cost basis), work it up to $15k (proceeds) and pay tax on the gain (not the whole bankroll), assuming you file as a pro and net your winnings and losses. |
#100
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Re: Frozen Neteller funds *ARE* taxable
I realize most businesses use accrual accounting, but as a small business poker player could you use cash accounting?
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