Quote:
Originally Posted by djevans
I have a box at a casino and keep it full of chips - I don't usually cash in the chips. If I don't cash in the chips do I have to report it as income, or do I report it as income once I cash the chips?
You ONLY have a tax liability on the INCREASE; aka "profit." You are NOT liable for the entire amount that's in your box. That assumes that you don't have any offsets.