I withdrew the money this weekend while in Atlantic city.I broke even and now need to put the money back into my bank.
2007-06-20 03:56:44 · 2 answers · asked by imppala67 2 in Business & Finance ➔ Taxes ➔ United States
Just put it back in. The transaction will be reported to the IRS but it is a legitimate deposit and a nontaxable event.
Gambling winnings are reported on your tax return. You deduct gambling losses up to your winnings on Schedule A. But, that is a separate issue than redepositing your withdrawal.
2007-06-20 04:01:06 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
Unless your ING account is a tax preference account such as an IRA, there are no tax consequences from removing funds or putting funds back in. However if it was a trading account and you sold shares of stocks or mutual finds in order to make the withdrawal you'll have to account for those sales transactions and pay any capital gains taxes due when you file next year.
2007-06-20 11:32:11 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋