Re: Question about taxes....
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thanks for the quick reply broiler. much appreciated.
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Yeah this is something that gets argued about a lot. Personally, I wouldn't report anything until you actually cash it out. What if over the next month you play a bunch of high end tourneys and lose it all? Reporting it as income would just be silly. Reporting what you cash out (and don't cash back in) makes the most sense. I'd also count it as "gambling" the same way as if I went to the casino.
I do *not* believe the account counts the same way as a foriegn bank account, as I'm pretty sure party says in their TOS that money in your account has no actual cash value, and they can take it at any time. If they can take it at any time, it's definatly not a bank account. It's the same way in casinos, the chips have no cash value and the casino can take them at any time. They just usually dont b/c it looks really bad if you go to the media.
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