Hobby Income & Expenses

>>3461937
> 1. dont report it
> 2. don't report it
> 3. you don't report it.
None of these would qualify for mandatory reporting, And even if they did no one is going to give a flying shit if you reported your 30$ tournament win. This has to be the most normy question i've ever seen.

>>3461937
go watch alpha investments you cuckle fuckle

>>3462105
Thanks for not actually answering the question.

>>3462118
I apologize for not making another cryptocurrency thread.

>>3462158
Apology accepted.
Now buy DGB

>>3462137
well enjoy triggering an audit from a pissed off overworked agent.
To answer your question anyway, You don't report store credit until you use it. You don't report any of the cards values until you trade those values for fiat (sell the cards). if the cover charge is 5$, Just subtract that as a business expense/hobby expense, or deduct it from the total value of your winnings. That should answer all your questions. You pay nothing until you trade for fiat.

>>3462236
almost forgot, You report the 30$ (but its like i said above, Your chance of triggering an audit is high and the IRS has states many times before it doesn't like people who report everything like that).

>>3462236
You are incorrect, as non-cash prizes are taxable.

>>3462303
>>3462263
This, fucking retard. The paperwork probably costs more then your shitty 30$. For such a small amount they do not care.

>>3462470
I'm not asking about what they care about, the figures are just for example. I'm asking about what the proper way to report it would be, and his answer is clearly wrong.

Incidentally, can I get a source where the IRS has actually come out and said that they don't want everything reported?

>>3462470
so what is the value at which a non-cash prize becomes notable for reporting

>>3462303
Ah, i supposed your in the united cuckedstates right? Christ you people get fucked by the jew in all 3 dimensions don't you?

You should have mentioned that. Report them on your taxes than, But deduct your travel expenses, and just about any other expense you can think about. You should be filling out a tax form before they even give you your prize, I hope you've been doing that, otherwise triggering an audit is going to be ass rape. which will in turn trigger an audit on the tourney hall. More ass rape than your already getting.

My advice is still solid, dont bother because no one is going to give a fuck.

>>3462529
>You should have mentioned that.
You did mention the IRS yourself, which is the agency of the United States (unless you were talking about Ghana from years ago).

>>3462576
I use IRS as a catch all because it;s easier and most people know what im talking about.

OP, I read all your posts ITT and I just wanted to tell you that you sound like a humongous dweeb, I'm literally lmaoing at you just tripping over yourself to figure out how to give the government their cut of your pathetic Pokemon game winnings.

Consider suicide.

>>3462833
The funny part is I'd wager that my net worth is higher than most of the people on this board. It's sad when people on a finance board mock someone wanting to gain more knowledge relevant to finance.

This really has become just a crypto containment board.