So if I don't pay my taxes...then what??

[banditdad]

[ QUOTE ]
Actually it's really weird. Every other type of income you make, whether it be lottery winnings, normal wages, gambling profits, etc. is taxable, But rakeback isn't. You are free to make $100k/year in rakeback and the government lets you not claim it.

Syke.

- Jags

[/ QUOTE ]

Sigh. I should have known that I wouldn't get a real answer from posting on 2+2 since 90% of you are either too young or too retarded to have real jobs and actually pay taxes. This is a legitimate question, one I am currently paying my CPA to research, since he feels it is somewhat murky and not directly addressed in the code. I was hoping that one of the posters who claim to be accountants or tax attorneys would actually answer. Instead I get the usual gaggle of idiots, who will now post numerous flames at me, and still not address the question.

IS RAKEBACK CONSIDERED INCOME AND THEREFORE TAXABLE?