#21
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Scary Stuff
You claim to have gotten a degree in accounting? This wasn't some mail order course, was it?
[ QUOTE ] You deposit all of your income in it for the whole year. [/ QUOTE ] You got a year's worth of income. You had constructive receipt of the funds. You had to have "unfettered control" of the funds if you were able to deposit them in the bank. You owe tax on it. However, if you can show legitimate seizure of the funds, versus just throwing the money away, you have a deduction of the loss. Net Taxable Income = 0. Your losses equal your winnings. Later, if the funds are freed, tax due on 1 years worth of income the next time you are required to file. |
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