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#1
04-16-2007, 07:30 PM
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IRA - Gambling money
So it's not legal right. My question is how can I differentiate my poker money with actual money?
Example: I put 4K into a savings acct to pay for rent. Then I use 4K of my earned money to put into IRA instead of using it for rent so that technically my earned money is being invested in an IRA. Legal? Help so I can start profiting immediately. Noob Side question: When I do start an IRA it's probably going to be a Vanguard retirement fund with high risk since I don't plan on accessing it for a while. Reasonable? 
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#2
04-16-2007, 11:30 PM
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Re: IRA - Gambling money
It doesn't matter where the actual money comes from. All that matters is you report 4k or more of income that counts. If you earned 40k from a job and 4k from poker, you can put the poker winning in the IRA. If you only earned 4k from poker, you can't put any money in the IRA.
Your plan for an IRA sounds extremely reasonable.
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