That wiki reminds me of filling out federal forms (for a small constructionn project) that asked that question first and went downhill from there.
The project was ~$300K of which over $30K ended being spent on accounting services. I think this project was part of the life time accountant employement act.
--- In vpFREE@yahoogroups.com, "nightoftheiguana2000" <nightoftheiguana2000@...> wrote:
>
> http://en.wikipedia.org/wiki/Comparison_of_cash_and_accrual_methods_of_accounting
>
>
> --- In vpFREE@yahoogroups.com, "Jan Spornhauer" <janspornhauer@> wrote:
> >
> > According to the tax code Rob is correct. It is when you have the
> > availability to get the funds they are taxable. One can't just leave the
> > money in their account and defer to the next year.
> >
> >
> >
> >
> >
> > _____
> >
> > From: vpFREE@yahoogroups.com [mailto:vpFREE@yahoogroups.com] On Behalf Of
> > bmather4440
> > Sent: Monday, October 24, 2011 8:16 PM
> > To: vpFREE@yahoogroups.com
> > Subject: [vpFREE] Re: Trespass at Casino Montelago
> >
> >
> >
> >
> >
> > Is this 100% true? I think it's a grey area as to what year you should count
> > it as income (I remember reading once that as soon as you have "funds" that
> > are eligible to be cashed out at any time, you have immediate income for
> > that year ... i.e. it doesn't matter when you cash it out, you technically
> > have income when the cashback accrues).
> >
> > Regardless, I'm definitely not a tax pro...
> >
> > > FYI There are tax advantages in deciding what year to take cashback.
> > >
> > > And sometimes I wonder why casinos put in high limit games if they don't
> > really want people to play them.
> > >
> >
> >
> >
> >
> >
> > [Non-text portions of this message have been removed]
> >
>
