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Old 09-22-2004, 05:05 PM
Wake up CALL Wake up CALL is offline
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Join Date: May 2003
Posts: 1,591
Default Re: Tax subject revisisted

Technically, the money that we have stored in an online site is not ours. We make an original deposit for the opportunity to play in "real money" games as compared to "play money" games. When we "REQUEST" a withdrawel, it must be approved by the site and released to us. If you read the fine print on most of these sites, they can close our accounts for various reasons and we forfeit any "money" that we had in our account. They are not obligated to give us any money. Even worse, if one of these sites were to close down permanently, we have little to no legal recourse to receive any money. So, technically, every time we play a game of any kind and win, we are winning "credits" and not real dollars. When we request a withdrawel, if the site is nice enough, we receive real dollars in the form of a bank deposit, check, etc. I was given "$100" by an online site which was put into my account to start playing after I had left the site. When I didn't fulfill my obligations by playing enough hands, this "money" was removed from my account by the site. The online site can and will modify your account any way they see fit.

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Substitute chips for money and B&M casino for online account/casino and you have the exact same set of circumstances which has been ruled on by a Tax Court. The casino may refuse to cash out your chips yet the ruling was that once the chips were in your posession and you had either changed tables or left the table a session had ended and the accounting has begun. The way you are defining credits are just how chips in a casino are redeemed.

Just because you want it to be otherwise does not make it so.
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