taxes and gp selling.

[kiln master]

Hey guys, I'm not sure if this belongs here but if it doesn't a mod can move it please. So recently I've been getting super lucky staking on 07, making well above max cash from literally 7m start. I've been selling it off slowly and gaining 100-200m daily so it feels like it'll be an infinite loop. I did not initially for-see I'd sell this much, I thought I'd get cleaned. Anyway, since I'm selling tons through western union, how does (federal/provincial) taxation work on gp sales? I mean I'm literally walking out with 700$ per week from the w/u, plus 500$ a week from work, netting 1,200$ a week. Do I need to tell the govnment that I have a side job of gambler or what? I'm certain w/u declares it anyway, as I couldn't find anything on google saying otherwise.

 

[i have a pure]

1: It's written $700, not 700$.

2: You will need to declare earning above the tax free threshold depending on what state you're from. If you post your location I can tell you exactly what the rules are.

 

[kiln master]

well I'm from Canada so I don't think we have the same fiscal rules. I know i'll have to pay taxes on it, I just don't know under what/how I do it lol. The federal tax here is 15% flat and provincial is 16% for 31% total. I lose $217 for every $700 I make. so sad.

 

Yes, WU does declare your income to the government - especially these days with the combination of terrorism and AML procedures. Are you asking how to declare it on your taxes? You should consult a tax professional, but it will probably just be some sort of "services" income (not gambling...)

 

[kiln master]

Yes, WU does declare your income to the government - especially these days with the combination of terrorism and AML procedures. Are you asking how to declare it on your taxes? You should consult a tax professional, but it will probably just be some sort of "services" income (not gambling...)

Yes that is what I was asking basically. I probably will consult my parents' accountant soon for safety measures. Thank you for the help, I believe that's the answer I'm looking for (the part where wu declares income)

 

[Superfluous]

Or you can use TurboTax and call them up. That's what I did, and they were really helpful (though I'm not sure if TT is a Canadian thing too...)

Edit - yes, it is. Save yourself the hassle. http://turbotax.intuit.ca/tax-software/index.jsp