[Cyrax91]

You're supposed to report it, but you dont have to. You didn't receive a 1099 or anything. No form has actually been sent to the IRS stating you're ebay sales. Dont report that shit. And if you do just list proceeds equal to cost so you'll have no income or loss.

[.:bHd:.]

I got a question for you guys. If you deposit cash money. Lets say like 15k in a year. Can the IRS question you on where you got it?

[Feyd]

Originally Posted by .:bHd:.

I got a question for you guys. If you deposit cash money. Lets say like 15k in a year. Can the IRS question you on where you got it?

If you are being audited they will... who knows, with the patriot act, etc. in play these days it could be looked at as the start of a would be terrorist cell.

[Seminole]

Originally Posted by Spool

also i gamble a lot....sometimes i'd win like 5 grand and i bring that home and deposit that into my bank....will the IRS give me trouble for that? thikning im selling drugs or some shit...my bank account fluctuates anywhere from 5-10K a month based on my hobbies, what i do for a living, my spending...etc...i should talk to an accountant huh

If you deposit $10,000 (I believe) or more into your bank account at once, they are required to report it to the government.

[Maestro]

Originally Posted by silvergray545

Yeah, that's only for slots. When my dad wins on the tables and he never shows anything. My dad was surprised that he had to show what he won on the slots. He normally doesn't play slots but he had a few minutes to kill one time and he actually hit big on a slot machine. What are the chances...lol.

Instead of having the money you made from selling shoes on ebay deposited into your bank account, why don't you just leave it in the paypal account? That way you don't have 10k randomly show up in your bank account.

The simple difference is, at the tables it is sometimes hard to know when you walk away with $10k, if it was winnings or what you walked in. Slots they assume it is all winnings, but you can write winnings off against loses, but it hard to document the loses. Interesting how that works.

Spool,

It seems like you have a potential for the IRS to reek havoc on your life. Plain and simple the IRS looks for changes in people's returns that appear to be out the ordinary or for returns that do not seem to add up, like the income is lower than everyone else who lives around you. There are other indicators they use and as long as your return seems in line they generally do not check except for doing a random check of individuals.

Once they flag you they will look at everything and the huge changes in your bank account will make them want to check everything. Also, banks are required to reports accounts which seem to have large transactions happening on them especially cash transaction.

The rule on audits based on what I know, the IRS has 3 yrs to notify you they plan to audit your return. If they find a problem they can go back 7 years if they like. Just because you did not hear anything about your 2008 return does not mean it has not been flagged. Right now they can go back to 2006.

I lived in an area where you could always tell who the Mob guys were, they only transacted in cash, no credit cards or checks. They obviously try to do this to stay under the radar if they can. But dealing is cash is not always a good way to hid income. The government has a methods of figuring out if it is a cash business.

Pizza, dry cleaners and laundry mats are great cash business to hide income, but the IRS and local governments just find out where the supplies are bought and calculated how much you should have earned from this. The best part their numbers will always be higher than reality and there is nothing you can do to say otherwise.

[Kensta335]

Originally Posted by silvergray545

Yeah, that's only for slots. When my dad wins on the tables and he never shows anything. My dad was surprised that he had to show what he won on the slots. He normally doesn't play slots but he had a few minutes to kill one time and he actually hit big on a slot machine. What are the chances...lol.

Instead of having the money you made from selling shoes on ebay deposited into your bank account, why don't you just leave it in the paypal account? That way you don't have 10k randomly show up in your bank account.

For slots, anything over $1,000 you will have to fill out some crap for tax.

[firstkill]

Slots/Keno
any table games with progressive jackpots

they take your information over a certian amount. Each casino has a different number.

Table games is tax free because the IRS wont know. Unless you use the casino "loss" tracker cuz losing is tax deductable. Just like stock market losses.

For the ebay/paypal. since it has an electronic record then I would claim it.


FK

[GreenPlease]

You only have to report ebay sales if the sale results in a profit, or so says my accountant's questionnaire.