Gambling taxes

avibar · Nov 13, 2014

BluffMeAllIn said:
0%

+1

XXPXXP · Nov 14, 2014

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 · Nov 16, 2014

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

OzExorcist · Nov 17, 2014

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

ihaveatoaster · Nov 17, 2014

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

.

or3o1990 · Nov 17, 2014

ihaveatoaster said:
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 · Nov 17, 2014

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

or3o1990 · Nov 17, 2014

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

duggs · Nov 17, 2014

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

or3o1990 · Nov 17, 2014

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

rhombus · Nov 17, 2014

duggs said:
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 · Nov 17, 2014

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

yes. all expat US citizens do

or3o1990 · Nov 17, 2014

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 · Nov 18, 2014

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 · Nov 18, 2014

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 · Nov 18, 2014

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

dj11 · Nov 18, 2014

or3o1990 said:
It's the United States. There are no morals, only authority.

+1

XXPXXP · Nov 20, 2014

rhombus said:
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 · Nov 21, 2014

XXPXXP said:
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 · Nov 21, 2014

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 · Nov 21, 2014

or3o1990 said:
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 · Nov 21, 2014

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 · Nov 22, 2014

or3o1990 said:
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 · Nov 22, 2014

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

toshiba · Dec 27, 2014

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

Gambling taxes

avibar

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theRaven68

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OzExorcist

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or3o1990

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losties

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