Taxes, a new bank account and underage gambling

tbach24 · #1 07-27-2005, 12:31 AM

I'm 17 and getting my first bank account later this week. I'm depositing the money I've won from poker this summer into it. Since I'm putting money into the bank, I suppose the government will know about it and when I have to do taxes whenever taxes are to be done, will I get in trouble since I won my money through gambling?

istewart · #2 07-27-2005, 12:32 AM

Dude, it's like $20.

DemonDeac · #3 07-27-2005, 12:33 AM

<----------------- my reaction upon realizing that u actually play poker and dont just post on OOT

kipin · #4 07-27-2005, 12:35 AM

I thought you were moving to Texas.

dtbog · #5 07-27-2005, 12:36 AM

[ QUOTE ]
I'm 17 and getting my first bank account later this week. I'm depositing the money I've won from poker this summer into it. Since I'm putting money into the bank, I suppose the government will know about it and when I have to do taxes whenever taxes are to be done, will I get in trouble since I won my money through gambling?

[/ QUOTE ]

If it's your first bank account, then they have no idea where you got the money....

.. it could be years worth of birthday presents or babysitting or lawnmowing or who knows what.

I certainly mowed a lot of lawns and never filed a tax return [img]/images/graemlins/wink.gif[/img]

I also think that 17 year olds don't get audited too much.

GuyOnTilt · #6 07-27-2005, 12:45 AM

If you're opening up both a savings and checking, don't get a savings acct thru your bank. Chances are their rate sucks balls.

3.15% Savings Account

3.50% Savings Account

GoT

lastsamurai · #7 07-27-2005, 01:08 AM

i wouldnt worry about it unless its over 10 K..

KaneKungFu123 · #8 07-27-2005, 01:14 AM

you cannot have your own bank account, your mommy has to co-sign with you.

the irs doesnt care about legality of your gambling, they just want their money.

manpower · #9 07-27-2005, 01:33 AM

Don't report it, don't worry about it. You're fine.

tbach24 · #10 07-27-2005, 02:46 AM

[ QUOTE ]
If you're opening up both a savings and checking, don't get a savings acct thru your bank. Chances are their rate sucks balls.

3.15% Savings Account

3.50% Savings Account

GoT

[/ QUOTE ]

I'll look into those, thanks.

Thanks to everyone else for the advice.