Tax Season Question

[Q-Unit]

I've never really thought about this until now since I am currently a college graduate about to head to grad school.

My question is concerning money showing up in bank accounts from offshore sites. How does one factor that in come tax season? Does it matter? How is it addressed when you are doing your taxes. How does the government address it (other than really hating offshore sites).

For example I was lucky enough to go on a run in mid-February when my YTD in college BB was about 57% and I took out a couple hundred dollars even though I've cooled off considerably even downright slumping now but barely hanging on.

So just a random question, if you guys can help me out, I'd really appreciate it.

(BP don't come in here and bash me man, I dunno if I could stomach it. This is a serious question LMAO):thumbs:

[xerri]

You shouldn't have to worry about a couple hundred dollars. Don't think the government would even think of looking into anything unless it's at least a grand for several transactions. Since you're in school I'm guessing your income wouldn't be that high so your chance of being audited is real slim. I wouldn't worry about it at all. It would cost the government a lot more than anything they could possibly collect in tax for a couple of hundred dollars.

[beermantm]

Things have changed a bit since the patriot act.......if you ask me it's the anti-patriot act as it really intrudes on your privacy. I would myself make sure that you cover all your winnings and all your loses on your taxes........remember that even going to the local casino and blowing a couple of bucks is tax deductable against any winnings!!!!!!!!

You dig??? So write it down!!! lol
(or just go to the casino and withdrawl a few hundred every couple of days with your atm card)

Ok now just as Xerri has said for money less than thousands at a time do not set off any red flags that need to be reported and being that is the case your bank account is the number one safest place for any transactions. Services like Net teller or western union are not protected as well as your own bank account. Trust me on something here because this is something I know alot about........you do not want a service recieving a subpena asking for transactions because they will turn over everything. Read thier TOS agreement.

If your bank gets one they will ignore it untill it is signed by the judge where as in that case at least your lawyer will know what is going on if things ever get that far.

[Q-Unit]

thanks guys appreciate the info.

I guess I shouldnt really worry about that right now.

In the future when I am able to wager more amounts, if I am smart, lucky and have enough discipline to win more, I guess the best way is to not make large withdrawals all at once huh, but to phase it out if possible.

[beermantm]

thanks guys appreciate the info.

I guess I shouldnt really worry about that right now.

In the future when I am able to wager more amounts, if I am smart, lucky and have enough discipline to win more, I guess the best way is to not make large withdrawals all at once huh, but to phase it out if possible.

I say why withdrawl it at all?? more money means more leverage in making money...

[BaMan]

bump....want to keep this around for taxes:gulp:

[Kevin]

I suggest guys contact their accountant regarding the issue.