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#81
10-07-2005, 10:17 PM
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Re: Is Rakeback Taxable?
[ 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? 
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#82
10-07-2005, 10:28 PM
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Re: Is Rakeback Taxable?
[ QUOTE ]
[ 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? [/ QUOTE ] The question has been asked and answered dozens of times already. This is why you get such responses, because you are too lazy to search the forum. Remember you will get what you pay for, the advice so far has all been free. So STOP YOUR FRIGGING WHINING!!
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#83
10-07-2005, 10:35 PM
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Re: Is Rakeback Taxable?
Please read and search for my posts on the subject. There is no justification that would hold up to IRS scrutiny to exclude this income.
Rakeback is a return of an expense that has been deducted from your income. The refund of a deducted item is always taxable, unless you receive no tax benefit from the deduction of that expense. The IRS code is not an all-inclusive text. Your CPA will not find anything definite on the subject that will state rakeback is taxable or nontaxable. The only thing that will be found is that all income is taxable unless specifically excluded. Rakeback (or anything similar) is not excludable.
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