#1
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tax question - date for withdrawl
i took money out of 3 sites on 12/31/04, but they didn't show up in my neteller until 1/1 - 1/3. do i report that as 04 income or 05? i have a moderate preference for 04 - do i have any choice?
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#2
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Re: tax question - date for withdrawl
I think that the income is supposed to be reported in the year that it was won as recorded in your "gambling session" log, not the date of withdrawal from the gambling site.
See: http://www.gambling-law-us.com/ |
#3
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Re: tax question - date for withdrawl
professor is right.
NETeller posting date does not matter in this instance. earnings were from '04. there are certain things that must be done on time. as an example, if you took some of this withdrawal and made a charitable contribution with it, that could not be deducted from '04 because the contribution would have been in '05. in your case, the income is definitely '04 income. |
#4
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Re: tax question - date for withdrawl
If you must pay taxes on your poker winnings, shouldn't it also be fair to get a tax break if you lose? I'm sure I'd get enough to start playing again.
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#5
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Re: tax question - date for withdrawl
[ QUOTE ]
If you must pay taxes on your poker winnings, shouldn't it also be fair to get a tax break if you lose? I'm sure I'd get enough to start playing again. [/ QUOTE ] a break? no. your losses can be duducted tho, but only down to zero gambing income. no refunds [img]/images/graemlins/shocked.gif[/img] |
#6
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Re: tax question - date for withdrawl
You could get creative with your accounting method if you wanted.....do your gambling winnings on an accrual basis.
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