Is rakeback taxable?
 

For the standard tax reporting professional, is your rakeback considered a "gift" and therefore not taxable as income? what about deposit bonuses?

These add up to signifigant (tens of thousands of dollars) amounts of money at years and and not having to declare them would be a godsend

Re: Is rakeback taxable?
 

[ QUOTE ]
For the standard tax reporting professional, is your rakeback considered a "gift" and therefore not taxable as income? what about deposit bonuses?

These add up to signifigant (tens of thousands of dollars) amounts of money at years and and not having to declare them would be a godsend

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Why do you guys insist on trying to get around paying taxes?

Yes, it is taxable.

Dogmeat [img]/images/graemlins/spade.gif[/img]

Re: Is rakeback taxable?
 

You could always call the IRS and ask them. Short of doing that....yes, its taxable.

Re: Is rakeback taxable?
 

[ QUOTE ]
For the standard tax reporting professional, is your rakeback considered a "gift" and therefore not taxable as income? what about deposit bonuses?

These add up to signifigant (tens of thousands of dollars) amounts of money at years and and not having to declare them would be a godsend

[/ QUOTE ]

They definitely do not qualify as a gift. They definitely are taxable.

Re: Is rakeback taxable?
 

I posted in one of the other 100 threads on this topic that i was of the firm belief that RB was NOT taxable -- I subsequently got flamed hard, although I stand by my position.

I won't make any more posts in this thread; search for the other threads on this topic if you care to see my take on it.

Bring on the flames.

Re: Is rakeback taxable?
 

[ QUOTE ]

Why do you guys insist on trying to get around paying taxes?


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Ya what a mind boggler. Why would someone try and find a way to not pay all of 60,000$+ of money to the government? What are these people, retarded?

Re: Is rakeback taxable?
 

[ QUOTE ]
[ QUOTE ]

Why do you guys insist on trying to get around paying taxes?


[/ QUOTE ]

Ya what a mind boggler. Why would someone try and find a way to not pay all of 60,000$+ of money to the government? What are these people, retarded?

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Totally agree. Everyone should strive to pay the legal minimum in taxes, and not a cent more.

Paul

Re: Is rakeback taxable?
 

[ QUOTE ]
[ QUOTE ]

Why do you guys insist on trying to get around paying taxes?


[/ QUOTE ]

Ya what a mind boggler. Why would someone try and find a way to not pay all of 60,000$+ of money to the government? What are these people, retarded?

[/ QUOTE ]

Quite possibly, yes.

The real question is why do they think they're so special that their income should be tax free when every other working stiff pays theirs?

Just pay your damn taxes and be glad you have a job you like.

Re: Is rakeback taxable?
 

[ QUOTE ]
I posted in one of the other 100 threads on this topic that i was of the firm belief that RB was NOT taxable -- I subsequently got flamed hard, although I stand by my position.

I won't make any more posts in this thread; search for the other threads on this topic if you care to see my take on it.

Bring on the flames.

[/ QUOTE ]

If it wasn't taxable then pretty much anything with sales tax on would be sold with the store providing a "gift" to the buyer later, to minimize taxes.

Re: Is rakeback taxable?
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]

Why do you guys insist on trying to get around paying taxes?


[/ QUOTE ]

Ya what a mind boggler. Why would someone try and find a way to not pay all of 60,000$+ of money to the government? What are these people, retarded?

[/ QUOTE ]

Quite possibly, yes.

The real question is why do they think they're so special that their income should be tax free when every other working stiff pays theirs?

Just pay your damn taxes and be glad you have a job you like.

[/ QUOTE ]

Yes. A perfect combination of laziness and intelligence should be rewarded monetarily (sp?). Meh. Just venting after loosing on the bubble with flopped set to runner runner flush.