Re: tax question
[ QUOTE ]
So I have learned through the message boards that you have to pay taxes on what is in your account and not just what you cashout from neteller. I am about to pay for the state taxes before jan 1st 2006 so that I can deduct off the fed taxes. So... my question is... I have about 50k in an account that is being blocked and investigated because I was at a table where people were dumping chips. One person told me that he account was suspended for 8 weeks. So I am in a way scared, perhaps this is a shady site and I don't get my money back... There is a chance. In this situation would I have to pay taxes for the year with the money that is currently blocked?
[/ QUOTE ]
Your account being blocked has no bearing on the taxes you owe. If you are filing as a recreational gambler, you owe tax on the sum of all your winning sessions minus the sum of all your losing sessions (if you file as a pro you will use the net). Simple as that.
As for a CPA, I recommend Russ Fox. A google search should give you plenty of info on him. PM me if you need more details.
___1___
|