Should you declare earnings from Mylot as income?
By BubblyIan
@BubblyIan (750)
December 7, 2008 7:48am CST
Does this count as work and 'earned income'? Is it simply 'winnings'?
Should we be declaring this on our tax returns?
6 responses
@bcote212 (1112)
• United States
7 Dec 08
technically all monies earned online is still income and should be reported to the IRS. That being said in order to do this mylot would have to send 1099 forms out, and I dont think that they actually do that. Im sure however if you earn over a certain amount on this site in a year they probably will send you one.
@savypat (20216)
• United States
7 Dec 08
IRS wqnats you to declare all earnings, but mylot will not report your earning until you reach $500.00,(I think that is still the minimum) So it's up to you how you want to handle it.
@michaelnbc (100)
• China
7 Dec 08
this "income" at most can be described as "part time",technically it's one of your income