Don't worry, I'm pretty sure this guy will be able to get his $2500 cashback.
FYI There are tax advantages in deciding what year to take cashback.
And sometimes I wonder why casinos put in high limit games if they don't really want people to play them.
--- In vpFREE@yahoogroups.com, "mike" <melbedewy1226@...> wrote:
Absurd.
Another lesson for others on why not to let points,
CB or anything else accumulate to large amounts.
Is this 100% true? I think it's a grey area as to what year you should count it as income (I remember reading once that as soon as you have "funds" that are eligible to be cashed out at any time, you have immediate income for that year ... i.e. it doesn't matter when you cash it out, you technically have income when the cashback accrues).
Regardless, I'm definitely not a tax pro...
FYI There are tax advantages in deciding what year to take cashback.
And sometimes I wonder why casinos put in high limit games if they don't really want people to play them.
According to the tax code Rob is correct. It is when you have the
availability to get the funds they are taxable. One can't just leave the
money in their account and defer to the next year.
_____
From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf Of
bmather4440
Sent: Monday, October 24, 2011 8:16 PM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Re: Trespass at Casino Montelago
Is this 100% true? I think it's a grey area as to what year you should count
it as income (I remember reading once that as soon as you have "funds" that
are eligible to be cashed out at any time, you have immediate income for
that year ... i.e. it doesn't matter when you cash it out, you technically
have income when the cashback accrues).
Regardless, I'm definitely not a tax pro...
FYI There are tax advantages in deciding what year to take cashback.
And sometimes I wonder why casinos put in high limit games if they don't
really want people to play them.
[Non-text portions of this message have been removed]
http://en.wikipedia.org/wiki/Comparison_of_cash_and_accrual_methods_of_accounting
--- In vpFREE@yahoogroups.com, "Jan Spornhauer" <janspornhauer@...> wrote:
According to the tax code Rob is correct. It is when you have the
availability to get the funds they are taxable. One can't just leave the
money in their account and defer to the next year._____
From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf Of
bmather4440
Sent: Monday, October 24, 2011 8:16 PM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Re: Trespass at Casino MontelagoIs this 100% true? I think it's a grey area as to what year you should count
it as income (I remember reading once that as soon as you have "funds" that
are eligible to be cashed out at any time, you have immediate income for
that year ... i.e. it doesn't matter when you cash it out, you technically
have income when the cashback accrues).Regardless, I'm definitely not a tax pro...
> FYI There are tax advantages in deciding what year to take cashback.
>
> And sometimes I wonder why casinos put in high limit games if they don't
really want people to play them.
>[Non-text portions of this message have been removed]
That wiki reminds me of filling out federal forms (for a small constructionn project) that asked that question first and went downhill from there.
The project was ~$300K of which over $30K ended being spent on accounting services. I think this project was part of the life time accountant employement act.
--- In vpFREE@yahoogroups.com, "nightoftheiguana2000" <nightoftheiguana2000@...> wrote:
http://en.wikipedia.org/wiki/Comparison_of_cash_and_accrual_methods_of_accounting
— In vpFREE@yahoogroups.com, "Jan Spornhauer" <janspornhauer@> wrote:
>
> According to the tax code Rob is correct. It is when you have the
> availability to get the funds they are taxable. One can't just leave the
> money in their account and defer to the next year.
>
>
>
>
>
> _____
>
> From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf Of
> bmather4440
> Sent: Monday, October 24, 2011 8:16 PM
> To: vpFREE@yahoogroups.com
> Subject: [vpFREE] Re: Trespass at Casino Montelago
>
>
>
>
>
> Is this 100% true? I think it's a grey area as to what year you should count
> it as income (I remember reading once that as soon as you have "funds" that
> are eligible to be cashed out at any time, you have immediate income for
> that year … i.e. it doesn't matter when you cash it out, you technically
> have income when the cashback accrues).
>
> Regardless, I'm definitely not a tax pro…
>
> > FYI There are tax advantages in deciding what year to take cashback.
> >
> > And sometimes I wonder why casinos put in high limit games if they don't
> really want people to play them.
> >
>
>
>
>
>
> [Non-text portions of this message have been removed]
>
Miss Craps wrote Message #67808 re her 2006 experience with the IRS. I bookmarked it (long ago) and thought it may be of interest to those that are following this thread:
http://groups.yahoo.com/group/vpFREE/message/67808
--- In vpFREE@yahoogroups.com, "Dave" <haaljo@...> wrote:
That wiki reminds me of filling out federal forms (for a small constructionn project) that asked that question first and went downhill from there.
The project was ~$300K of which over $30K ended being spent on accounting services. I think this project was part of the life time accountant employement act.
— In vpFREE@yahoogroups.com, "nightoftheiguana2000" <nightoftheiguana2000@> wrote:
>
> http://en.wikipedia.org/wiki/Comparison_of_cash_and_accrual_methods_of_accounting
>
>
> — In vpFREE@yahoogroups.com, "Jan Spornhauer" <janspornhauer@> wrote:
> >
> > According to the tax code Rob is correct. It is when you have the
> > availability to get the funds they are taxable. One can't just leave the
> > money in their account and defer to the next year.
> >
> >
> >
> >
> >
> > _____
> >
> > From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf Of
> > bmather4440
> > Sent: Monday, October 24, 2011 8:16 PM
> > To: vpFREE@yahoogroups.com
> > Subject: [vpFREE] Re: Trespass at Casino Montelago
> >
> >
> >
> >
> >
> > Is this 100% true? I think it's a grey area as to what year you should count
> > it as income (I remember reading once that as soon as you have "funds" that
> > are eligible to be cashed out at any time, you have immediate income for
> > that year … i.e. it doesn't matter when you cash it out, you technically
> > have income when the cashback accrues).
> >
> > Regardless, I'm definitely not a tax pro…
> >
> > > FYI There are tax advantages in deciding what year to take cashback.
> > >
> > > And sometimes I wonder why casinos put in high limit games if they don't
> > really want people to play them.
> > >
> >
> >
> >
> >
> >
> > [Non-text portions of this message have been removed]
> >
>
My argument would be that since points can be used for cash or free play or comps, you can't pay taxes on the points until you know how they will be used. All three uses would be treated differently by my understanding.
--- In vpFREE@yahoogroups.com, "Jan Spornhauer" <janspornhauer@...> wrote:
According to the tax code Rob is correct. It is when you have the
availability to get the funds they are taxable. One can't just leave the
money in their account and defer to the next year.