You and all of the 12DP'ers have tax problems that have just begun.
As we all know, 12DP'ers made lots of money in TAX YEAR 2005 which ended 31 DEC 2005. All of the monies made up to that date are taxable for tax year 2005.
As we all know as well, the collapse for 12DP did not occur until end of January or beginning of February 2006. Hence all of your losses from 12DP in TAX YEAR 2006 can ONLY be claimed in tax year 2006. You can't apply a loss in this tax year to gains in a previous tax year. Unless you have other gains that occur in the remainder of this year, you will have to eat those losses since there is nothing to offset them against in this tax year.
In the end, most 12DP'ers will have lost money after they take into consideration their true tax consequences.
Quote:
Originally Posted by stormpayfraud
I won't have to because it seems I lost more than I gained.
You and all of the 12DP'ers have tax problems that have just begun.
As we all know, 12DP'ers made lots of money in TAX YEAR 2005 which ended 31 DEC 2005. All of the monies made up to that date are taxable for tax year 2005.
As we all know as well, the collapse for 12DP did not occur until end of January or beginning of February 2006. Hence all of your losses from 12DP in TAX YEAR 2006 can ONLY be claimed in tax year 2006. You can't apply a loss in this tax year to gains in a previous tax year. Unless you have other gains that occur in the remainder of this year, you will have to eat those losses since there is nothing to offset them against in this tax year.
In the end, most 12DP'ers will have lost money after they take into consideration their true tax consequences.
It just SUCKS the way that worked out with 12DP for lots of members - like insult to injury ........
BTW - ever notice how 12DP started at the best possible time last year and planned the convention at a time most gamers would be sensing the need to pull out?? Funny how the timing of the IRS deadlines fell also......
You and all of the 12DP'ers have tax problems that have just begun.
As we all know, 12DP'ers made lots of money in TAX YEAR 2005 which ended 31 DEC 2005. All of the monies made up to that date are taxable for tax year 2005.
As we all know as well, the collapse for 12DP did not occur until end of January or beginning of February 2006. Hence all of your losses from 12DP in TAX YEAR 2006 can ONLY be claimed in tax year 2006. You can't apply a loss in this tax year to gains in a previous tax year. Unless you have other gains that occur in the remainder of this year, you will have to eat those losses since there is nothing to offset them against in this tax year.
In the end, most 12DP'ers will have lost money after they take into consideration their true tax consequences.
My policy is not to respond to rat b****rds...but I'll make an exception here, you should know what your talking about. Not all people made money in 2005, as a matter of fact, many didn't start until very late 2005, or early 2006. So before you start spending those bounties, for being a rat, get your facts straight.
Excuse me if I'm wrong, but I can imagine you right now, peering out your window, checking bedrooms for illegal sex...making sure your neighbors garbage can isn't too far out on the sidewalk...ticketing the neighbor kid for jaywalking...and of course going through everyones trash to make sure they are not communist sympathizers! Keep up the good work boy scout! You make this a safer world!
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Last edited by jiminoregon : 02-17-2006 at 03:05 PM.
You and all of the 12DP'ers have tax problems that have just begun.
As we all know, 12DP'ers made lots of money in TAX YEAR 2005 which ended 31 DEC 2005. All of the monies made up to that date are taxable for tax year 2005.
As we all know as well, the collapse for 12DP did not occur until end of January or beginning of February 2006. Hence all of your losses from 12DP in TAX YEAR 2006 can ONLY be claimed in tax year 2006. You can't apply a loss in this tax year to gains in a previous tax year. Unless you have other gains that occur in the remainder of this year, you will have to eat those losses since there is nothing to offset them against in this tax year.
In the end, most 12DP'ers will have lost money after they take into consideration their true tax consequences.
Dude, you don't know what the hell you're talking about. One minute you're screaming 12DP is an illegal ponzi and now you're screaming 12DP members are going to get audited by the IRS. WTF does the IRS have to do with an illegal business? You're warped... I'm sure the IRS is not going to waste their time worrying about if somebody made a few thousand dollars under the table. If they did they would have to go after every waitress and bartender, or anybody who survives on tips. Do you think bartenders really claim everything they make in tips? What about Ebay? How many ebayers claim profit? Go bury your head in the sand. It's bad enough some of these people lost money, but to harass them about something this ridiculous. Seriously, you need a life.
And I think I speak for EVERYONE on this forum, PP, your avatar makes me sick, I have a hard time taking anything you say seriously because that crappy avatar just screams out that you're a phony.
Dude, you don't know what the hell you're talking about. One minute you're screaming 12DP is an illegal ponzi and now you're screaming 12DP members are going to get audited by the IRS. WTF does the IRS have to do with an illegal business? You're warped... I'm sure the IRS is not going to waste their time worrying about if somebody made a few thousand dollars under the table. If they did they would have to go after every waitress and bartender, or anybody who survives on tips. Do you think bartenders really claim everything they make in tips? What about Ebay? How many ebayers claim profit? Go bury your head in the sand. It's bad enough some of these people lost money, but to harass them about something this ridiculous. Seriously, you need a life.
And I think I speak for EVERYONE on this forum, PP, your avatar makes me sick, I have a hard time taking anything you say seriously because that crappy avatar just screams out that you're a phony.
illegal profits are funny in the way that you still need to report them to taxman or you're breaking the law.. remember capone?
and no.. they probably won't care about small players, they usually don't. but they do care about those who have won big(tens of thousands and up, it makes financial sense to bust them you see), and they'll get that list from charis eventually.. they've done that before with some other ponzi schemes. can't imagine why they wouldn't do it now.
Dude, you don't know what the hell you're talking about. One minute you're screaming 12DP is an illegal ponzi and now you're screaming 12DP members are going to get audited by the IRS. WTF does the IRS have to do with an illegal business? You're warped... I'm sure the IRS is not going to waste their time worrying about if somebody made a few thousand dollars under the table. If they did they would have to go after every waitress and bartender, or anybody who survives on tips. Do you think bartenders really claim everything they make in tips? What about Ebay? How many ebayers claim profit? Go bury your head in the sand. It's bad enough some of these people lost money, but to harass them about something this ridiculous. Seriously, you need a life.
And I think I speak for EVERYONE on this forum, PP, your avatar makes me sick, I have a hard time taking anything you say seriously because that crappy avatar just screams out that you're a phony.
King,
While his avatar is sick..I think what he is, is even sicker. He's a leech on society, preying on the misery of others. Enough about him. Your point that the IRS won't care is wrong. If you made money...report it. Investigations like this are IRS triggers...and apparently opportunities for leeches like Ponzi!
Jim
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...I'm sure the IRS is not going to waste their time worrying about if somebody made a few thousand dollars under the table. If they did they would have to go after every waitress and bartender, or anybody who survives on tips. Do you think bartenders really claim everything they make in tips? What about Ebay? How many ebayers claim profit?...
Not disagreeing, just thinking... the IRS doesn't really have to put forth any real extra effort, or "go after" anyone that participated in 12dp. The FBI will have already gathered, verified, sorted and assimilated that data into government computer system databases. The only extra effort required by the IRS will be a few mouse clicks to merge that available data into their auditing system databases. The extra taxes collected may even help offset the cost of the investigations.
What'd you tell the taxman?
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