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Old 10-31-2005, 12:32 AM
BottlesOf BottlesOf is offline
Senior Member
 
Join Date: Jun 2003
Posts: 863
Default Re: yes another TAX question....

I'm assuming youlive in the US.

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I didn't want to give him a number that included money on say party because I didn't think it was taxable until I withdrew it from site.

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This is false. You owe taxes on it, regardless of whether you withdraw it or not.

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he only records I keep are records of when the $ on cyberspace gets moved to the bank or to cash. So WTF should I do?

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Start keeping records from here on out. Do you not have PT? Get it. If you do have it, then you have all the records you need. As for the past: You are supposed to provide a good faith estimate of wins and losses, and indicate it's an estimate. Your "wins" are the sum of all winning sessions, and "losses" are the sum of all losing sessions. How "sessions" are defined is a little murky, but you should just try your best based on your results.
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