#1
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Transfering Money into account? Report as income?
Hi,
I'm pretty new to this online poker thing but i've been doing pretty well. I was wandering, I have transfered about $1000 dollars into my bank account of earnings. Not one big transfer but many small ones. i was wandering whether I am required to report any of my winning to the IRS or anything. I don't think i'm going to be making like 20 thousand dollars a year or anything but maybe like a couple thousand dolloars a year. I'm a student and I don't have a job or anything except this. Please let me know. Thanks. |
#2
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Re: Transfering Money into account? Report as income?
Morally, yes.
Legally, yes. |
#3
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Re: Transfering Money into account? Report as income?
No. Assuming you're in the USA, your transfer of the money has nothing to do with the taxability of the income. Once you earn the money (ie win it at the table), it is considered income and is taxable under IRS regulations.
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#4
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Re: Transfering Money into account? Report as income?
Awesome, I had been wondering about this question for a week or two as I do the IGM pay bonuses I forgot about awhile ago.
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#5
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Re: Transfering Money into account? Report as income?
Given your limited income, your earnings may fall below the standard deduction.
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