Gambling taxes

[avibar]

0%

+1

 

[XXPXXP]

depends on where you are
think some countries like UK, canada
0 tax for gambling income, so the OLP tax is free for them
some countries like US, need to reach a min amount for tax. if just win 10bux, definitely no need to pay tax, but if you win 10million, definitely to pay tax, it will in your house income tax.

some other countries, like some south America countries are really grey area, it depends on a lot of factors, and what policy you want to use.

 

[theRaven68]

0% but if you really take million(s), G will take unknown amount for tax

 

[OzExorcist]

0%, one thing the Australian government's gotten right

 

[ihaveatoaster]

Here in Canada there are no taxes. We do not tax gambling here .

 

[or3o1990]

Here in Canada there are no taxes. We do not tax gambling here .

I thought I'd heard that Canada does tax gambling? That's interesting.. I don't know if I'd want to move somewhere colder tho. Wisconsin is freezing as is.

 

[duggs]

USA citizens get taxed even if they move overseas which is outrageous to me

 

[or3o1990]

Indeed, it's ridiculous. Only way to get out of it is to pay an exit tax and renounce your citizenship..

 

[duggs]

I don't understand the moral authority they claim to do it

 

[or3o1990]

It's the United States. There are no morals, only authority. How they get away with it is beyond me though..

 

[rhombus]

USA citizens get taxed even if they move overseas which is outrageous to me

so all the US pros who moved to mexico and Canada still have to pay Tax.

 

[duggs]

so all the US pros who moved to Mexico and Canada still have to pay Tax.

yes. all expat US citizens do

 

[or3o1990]

This is why the number of people renouncing their US citizenship is on the rise. More than 4000 people last year abandoned their citizenship all together.

 

[losties]

I find it really strange that there are tax in gambling. I mean, the risk are already high enough that there no need to put taxes on the winnings. We don't have taxes on gambling where we're from.

 

[jano333]

In Poland in theory generally you cant play poker (poker in real life too) or bookie via internet, but in theory European law> polish law so you can play over there welp.

 

[rugby0]

The us taxes gambling income as normal income... You can deduct your losses as normal expenses.

 

[dj11]

It's the United States. There are no morals, only authority.

+1

 

[XXPXXP]

so all the US pros who moved to Mexico and Canada still have to pay Tax.

the law is this
if they pay tax oversea there
there will be some agreement not to double tax.
therefore, think they may pay tax with a fairly low rate oversea than in US.

 

[duggs]

the law is this
if they pay tax oversea there
there will be some agreement not to double tax.
therefore, think they may pay tax with a fairly low rate oversea than in US.

thats not a fair law, you don't need an explicit agreement with another country to tax someone working in your own

 

[or3o1990]

The states were founded because of over taxation now look at us. It's a shame. What I'm more curious of is what will happen to expats if they downright make online gambling illegal in the states. How will the government justify taking tax revenue from "illegal" income?

 

[BiliousBetil]

The states were founded because of over taxation now look at us. It's a shame. What I'm more curious of is what will happen to expats if they downright make online gambling illegal in the states. How will the government justify taking tax revenue from "illegal" income?

1. The issue when the U.S. was founded was taxation without representation.
2. Al Capone was sent to prison essentially for not paying taxes on "illegal" income.

 

[or3o1990]

Indeed he was. That's all they could get him for lol. I guess he was a pretty smooth criminal. Do you know if he was given the option to pay his back taxes? I'm guessing not. I'd assume they just repossessed his assets.

 

[Zorba]

The states were founded because of over taxation now look at us. It's a shame. What I'm more curious of is what will happen to expats if they downright make online gambling illegal in the states. How will the government justify taking tax revenue from "illegal" income?

They wont tax illegal income they will confiscate the lot and call it proceeds of crime.



.

 

[or3o1990]

Hopefully it doesn't come to that. They're taking away our freedoms left and right over here..

 

[toshiba]

As a tax professional. I can only inform you that #1 any income from gambling should be reported on your 1040. #2 There are many tax breaks that you can take advantage of #3 I am not your lawyer nor work for the irs. It's your tax return. If you choose not to report gambling income, that is entirely up to you. #4 Your total income determines your tax bracket. #5 If you have tax questions, please do not take any tax advice from someone that will not be signing your tax return. While in some instances they may love you and not want to see any anything bad happen to you, they will not be standing next to you in tax court or during an audit.
Just a friendly advice from an american tax professional