I hope this is the case. Say someone made 5 million that year from FTP. He's supposed to pay over 1 million in taxes on money he doesn't have in his hand? I doubt anyone actually did this.

Yes, and when you push allin for $100, win, have $200 in your stack, and log off, that money was instantly realized and should have taxes filed on it the following year. When I filed my poker taxes, I had all my sessions listed by profit/loss by days (some even do literally every session/table). The money was earned and there. You should have paid taxes on it.

But, yes, if you DIDN'T, seek a professional to try to clean it up later better than never.

The fact the money was stolen or not returned does not mean you did not earn it and should not have paid taxes on it. It is that very basis that we are all fighting to get the money back in the first place - it was earned and it's ours.

Again, if I'm missing some loophole or rule that someone who actually practices tax accounting knows about, I'm willing to look or read what they have to say to educate myself, but from what I know, I thought it was straight forward.

i do agree phatty, that's how it traditionally works. what about my example though?

what if i agreed to work for someone in 2011 for $10 an hour and worked 1000 hours, expecting $10,000 but for some reason was not paid until 2013, in what year would i report my income?

Has Russ Fox said that you legally HAVE to pay taxes on money 2011 that year even though you couldn't access it and many or most thought we might never get?

So apparently one has to have deposited on FTP to receive their funds. That should be interesting.

Hopefully those who freerolled will get their money back too.

From my experience with working in the tax industry, most people use the "cash basis" and the IRS usually expects people to. But it is a gray area. I think it would be easier for professional poker players who file their poker income on a schedule C (as a self employment) because there you can specificy if you are on cash or accrual and if they pick cash they have a legitimate reason to not have to report the FTP income until they have reasonable access to it. For those that will end up reporting their income from FTP as just gambling income (schedule A) they might have some (probably none imo) resistance from the IRS, since the IRS doesn't really care about small fishes and so unless you had millions you should be okay. I would thought strongly suggest to report some if not all of the income you get from FTP on your taxes.

Someone who gave a poker stars player thousands in exchange for thousands on ftpwasnt free rolling.

Has anyone gotten an email about the remissions process today?

I think you guys are confusing a database of people who owe the Government money with all the tax talk. This is
That database is an actual thing, with its own FAQ. What taxes you did or didn't owe are between you, the IRS, and your accountant. Quoting from their web site

Thus, this isn't about your poker income at this point.

All a layman's opinion.

Some have and some of us haven't. In the have not camp, so far.

I don't know if he has said either way but he did my taxes and I'm pretty sure I had at least one session from Full Tilt in 2011 on there and don't remember him taking it off.

I answered your question already for the actual example at hand. If you did a different example where you mowed lawns in 2011 and didn't get paid in 2013, then maybe that would be acceptable. But, that's not what happened here. The money was earned and then stolen or not returned. We are all fighting to get it back but you still should have paid taxes on it imo ... or at least until I hear an explanation from someone qualified on the topic.

Yeah, if you made a deal like this or for people who bought FTP money from someone who never deposited and never thought that this could be an issue could be in real trouble...

Please everyone stop with the horrible tax advice! This has already been discussed to death.

http://www.taxabletalk.com/2011/12/2...ll-tilt-poker/

Any ideas if something is wrong if i get a control and petition number but no name or total amount? Email appeared under my spam folder as well as others have said

Dang I did not get anything in my spam folder yet.

Just got the email. I thought my FTP account was busto. Guess I'll log in to find I have a few cents or something.

this is normal. you'll plug in those numericals in a few days (or in a month, or any time in the first half of november, whenever you personally feel up to it) on the fulltiltpokerclaims website and confirm or contest the information they'll present to you at that time.

Ok so does anyone with actual knowledge of this whole "deposit" ordeal want to chime in?

What are the chances that people who never deposited (i.e. played with money transferred to them or grinded up from freerolls) don't get their money?

This can't be a real thing right?

Just found mine in my spam folder.

Me too.

Check your spam folders people.

Thanks, Pokerho!

Also, I never signed up with GCG, but got the email to the address associated with my FTP account.

If i signed up for email updates under the wrong email, should i still expect an email from them?

I'm curious about this as well.

FYI check your spam folders folks that's where I found mine

Of course we can't start the remission process what was I thinking. I'm hoping that I get the 2.5k I panically tried to withdrawal on black friday. I checked my ftp balance and it shows it as my balance minus the withdrawal a week ago. Hopefully all of us who panicked and stupidly tried to withdrawal on bf get that added to our balance.

Stilled haven't received the email notice. Ughhhhhhhhhhh

Its a gmail account, could this be a problem?

I just checked my spam folder and it's a good thing I did. No email from GCG, but someone from Nigeria desperately needs my help. There could be some money in it for me as well.