#1
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Taxes and the FPP store
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.
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#2
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Re: Taxes and the FPP store
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. |
#3
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Re: Taxes and the FPP store
car = pay taxes
that stess ball = technically yeah, and it would be funny to see someone claim it, but realistically...no |
#4
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Re: Taxes and the FPP store
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?
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#5
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Re: Taxes and the FPP store
[ 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. |
#6
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Re: Taxes and the FPP store
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.
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#7
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Re: Taxes and the FPP store
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 |
#8
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Re: Taxes and the FPP store
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.
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