Taxes: Do you pay them on FPPs? - Small Stakes Full Ring Games

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Taxes: Do you pay them on FPPs?

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12-12-2008 , 11:39 AM

jimmyvjv13

Life Grinder

Join Date: Sep 2008 Posts: 4,975

I am compiling a spreadsheet for my accountant. Just curious as to what the standard is regarding FPPs and taxes.

12-12-2008 , 11:58 AM

zachvac

Carpal \'Tunnel

Join Date: Apr 2008 Posts: 13,775

If they're still fpps, no. If you've redeemed them for cash bonuses pay taxes on the bonuses. If you use it for tourney entry just enter tourney entry fee as income and then if you don't cash in it you can write it off to balance and if you do obviously also enter profit. Not sure about if you use them to buy plush monkey or something.

Note that all this is coming from someone who has no background in tax law whatsoever, so obviously trust accountant much more than me.

12-12-2008 , 01:28 PM

Penguinz21

old hand

Join Date: Jan 2008 Posts: 1,889

I report net income and net FPP's converted into $ based on what bonus I used them for (ie: at the beginning of the year, they were worth less, cause I was working towards 650 bonus, then 1500 and now 4k)

12-12-2008 , 02:04 PM

sofa604

stranger

Join Date: Dec 2008 Posts: 5

sure glad i live in canada :P

12-12-2008 , 03:07 PM

AGx19

Carpal \'Tunnel

Join Date: Apr 2008 Posts: 12,133

i was also wondering this. so if i earn tons of fpps this year but cash them next year, i guess it would count towards next years earnings

12-12-2008 , 03:08 PM

MyTurn2Raise

Drug Free MVP

Join Date: Jun 2005 Posts: 40,622

Quote:

Originally Posted by zachvac

this

plus, you should be reporting the value of the plush monkey because it is based on a strict mathematical formula

12-12-2008 , 07:16 PM

Johnes Benjamin

Pooh-Bah

Join Date: Mar 2007 Posts: 3,971

wow, local H!!?? as in, quarters on the eyes local H?? nh

also, I say "**** the government" but I'm also scared of them, so report everything you cash out at the very least

12-13-2008 , 02:34 PM

MyTurn2Raise

Drug Free MVP

Join Date: Jun 2005 Posts: 40,622

yeah... that Local H
I saw them last night at a small bar in the suburbs of Chicago
I've seen them maybe 10 or so times since 1997
Theri latest album is really good IMO

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