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Are you/how are you claiming losses from FTP and UB?

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  1. MikeBucks MikeBucks is offline

    Ensenada
    Mexico

    Posts: 1,139
    Joined: Feb 08

    Feb 20th, 2012 (2/20/2012 7:32pm)

    It's about time to file for taxes and I'm wondering to those that have a decent amount of money on FTP/UB, how are you handling this? Are you not claiming anything this year and making adjustments next year if they payout anything? Are you claiming the money in your account as gambling losses? or what? Thanks in advance for responses.
     
  2. supra1988t supra1988t is offline

    Cary, IL
    United States

    Posts: 2,452
    Joined: Sep 05

    Feb 20th, 2012 (2/20/2012 8:08pm) in reply to MikeBucks

    The only way you can claim it as a loss is if you have already paid taxes on it. Everything in my account was yet-to-be-taxed profit so I am doing nothing.
     
  3. kid duke10 kid duke10 is offline

    Anaheim, CA
    United States

    Posts: 245
    Joined: Sep 09

    Feb 20th, 2012 (2/20/2012 8:11pm) in reply to supra1988t

     
    Originally Posted by supra1988t View Post

    The only way you can claim it as a loss is if you have already paid taxes on it. Everything in my account was yet-to-be-taxed profit so I am doing nothing.

    same here i had 22k on both of those and since they were basically profit cant subtract them from 2011 income.... sux :/ but if get payed out i guess have to claim in the year recieve it
     
  4. DoGGz DoGGz is offline

    San Lucas
    Mexico

    Posts: 740
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    Feb 21st, 2012 (2/21/2012 12:53am) in reply to kid duke10

     
    Originally Posted by kid duke10 View Post

    same here i had 22k on both of those and since they were basically profit cant subtract them from 2011 income.... sux :/ but if get payed out i guess have to claim in the year recieve it

    Because of the questionable retrevablity of funds from FTP which are more of a debt owed from a company than money in a bank account you shouldn't need to pay taxes if and until funds are retrieved. There are more opinions on this over at 2p2 that you can find if you wish.
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  5. kid duke10 kid duke10 is offline

    Anaheim, CA
    United States

    Posts: 245
    Joined: Sep 09

    Feb 21st, 2012 (2/21/2012 7:38am) in reply to DoGGz

     
    Originally Posted by DoGGz View Post

    Because of the questionable retrevablity of funds from FTP which are more of a debt owed from a company than money in a bank account you shouldn't need to pay taxes if and until funds are retrieved. There are more opinions on this over at 2p2 that you can find if you wish.

    i had to do taxes on my other winnings cuz last year i paid for both years so i actually got $ back since made less this year with out counting the frozen funds and thx ill check it out
     
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