<nightoftheiguana2000@...> wrote:
http://en.wikipedia.org/wiki/Comparison_of_cash_and_accrual_methods_of_accounting
Thanks for the link to a good explanation of the cash vs. accrual methods for individual tax payers. I expect that the majority of gamblers use the cash basis and recognize cashback when it is redeemed rather that when it is earned.
Using Wikipedia as a source of tax information is... scary!
IRC addresses this issue, it's called "constructive receipt."
On Wed, Oct 26, 2011 at 4:29 PM, savorvpx <savorvpx@yahoo.com> wrote:
<nightoftheiguana2000@...> wrote:
> http://en.wikipedia.org/wiki/Comparison_of_cash_and_accrual_methods_of_accountingThanks for the link to a good explanation of the cash vs. accrual methods for individual tax payers. I expect that the majority of gamblers use the cash basis and recognize cashback when it is redeemed rather that when it is earned.