vpFREE2 Forums

Taxing Question

#1

In a message dated 12/12/03 6:24:25 AM Central Standard Time,
vpFREE@yahoogroups.com writes:

<<Taxation on gambling income is an inexact science, but the
consensus seems to be that bounce back cash and cash back
should be reported as income.>>

I don't think there is a consensus really. A very gray area. Many people
report cashback and do not count bounce-back.
This has not been judged in a court case, but as an ex-CPA, let me tell you
that I do not think it is even a little bit gray and it would be fool-hearty
for anyone not to declare this income. This is money received as a result of
and as part of taxable activity. I do not think this could be supported even at
the audit level.

Becky

[Non-text portions of this message have been removed]

#2

becksam@aol.com wrote:

In a message dated 12/12/03 6:24:25 AM Central Standard Time,
vpFREE@yahoogroups.com writes:

<<Taxation on gambling income is an inexact science, but the
consensus seems to be that bounce back cash and cash back
should be reported as income.>>

I don't think there is a consensus really. A very gray area. Many people
report cashback and do not count bounce-back.
This has not been judged in a court case, but as an ex-CPA ...

That's good enough for me. All I was looking for was an opinion from someone who has some professional qualifications. I mean, why should we rely on the opinion about taxes from some non-tax person (could be store clerk, a nurse, a teacher, a truck driver, an engineer, or whatever -- but certainly without professional creditials in the area of taxation).

Thanks.

Bill Velek

... and here's the rest of Becky's post.

ยทยทยท

... let me tell you
that I do not think it is even a little bit gray and it would be fool-hearty
for anyone not to declare this income. This is money received as a result of
and as part of taxable activity. I do not think this could be supported even at
the audit level.

Becky