if someone win some money playing slots overseas, do he/she have to pay taxes in US?
Aug 12, 2010, 8:21 pm
#3
In Memoriam
Join Date: Apr 2001
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yes....but you can deduct gambling losses....
also, 11k euro, if in cash, exceeds the $10k cash limit for entering/leaving the us....so, perhaps don't go thru the us to yvr on your return....
good luck...
also, 11k euro, if in cash, exceeds the $10k cash limit for entering/leaving the us....so, perhaps don't go thru the us to yvr on your return....
good luck...
Aug 13, 2010, 6:37 am
#5
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Aug 13, 2010, 7:16 am
#6
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I would politely suggest you ask this question to a qualified tax attorney.
Flyertalkers are an incredibly smart and well versed bunch, but I would hate for you to risk a lot of money and heartache over some bad Internet advice.
Flyertalkers are an incredibly smart and well versed bunch, but I would hate for you to risk a lot of money and heartache over some bad Internet advice.
Aug 13, 2010, 9:56 am
#8
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I could be wrong but if you exceed $9,999 USD in gambling winnings abroad in one sitting, you would be better off reporting it to the IRS
Aug 13, 2010, 10:04 am
#9
Join Date: Aug 2000
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The US IRS, contrary to popular perception, has absolutely no jurisdiction to tax foreign nationals on non-US earnings.
Aug 13, 2010, 10:26 am
#10
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Must assume from your FT username you are a US citizen resident in Canada. However, US citizens residing in Canada must file taxes in both countries, but these are adjusted based on where the income was earned. In Canada, there is no need to declare gambling winnings as income as these are not taxable -- unless you're a professional gambler deducting losses -- but under US laws you must declare this portion of your income and it is taxable by US authorities. So you really need to clarify your residency/tax status to get an accurate response.
Aug 13, 2010, 11:33 am
#11
Join Date: Apr 2005
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I think a few posters are pointing out that FlyerTalk has users world-wide, so the question should really be does a US citizen/resident have to pay taxes on it?
The legal answer is yes -- a citizen/resident is required to report all of their income, regardless of where it happens.*
The fuzzier question is, "Can I get away with not reporting?" That I can't answer.
*Yes, some pedant is going to bring up cases where citizens don't have to file (like you don't make enough) but if you're traveling to Monte Carlo and winning big, you're probably not one of them.
The legal answer is yes -- a citizen/resident is required to report all of their income, regardless of where it happens.*
The fuzzier question is, "Can I get away with not reporting?" That I can't answer.
*Yes, some pedant is going to bring up cases where citizens don't have to file (like you don't make enough) but if you're traveling to Monte Carlo and winning big, you're probably not one of them.
Aug 13, 2010, 8:36 pm
#12
Join Date: Jan 2006
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My original post applied to U.S. Citizens
Aug 13, 2010, 9:03 pm
#13
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I think a few posters are pointing out that FlyerTalk has users world-wide, so the question should really be does a US citizen/resident have to pay taxes on it?
The legal answer is yes -- a citizen/resident is required to report all of their income, regardless of where it happens.*
The fuzzier question is, "Can I get away with not reporting?" That I can't answer.
*Yes, some pedant is going to bring up cases where citizens don't have to file (like you don't make enough) but if you're traveling to Monte Carlo and winning big, you're probably not one of them.
The legal answer is yes -- a citizen/resident is required to report all of their income, regardless of where it happens.*
The fuzzier question is, "Can I get away with not reporting?" That I can't answer.
*Yes, some pedant is going to bring up cases where citizens don't have to file (like you don't make enough) but if you're traveling to Monte Carlo and winning big, you're probably not one of them.
Aug 14, 2010, 5:48 am
#15
Join Date: May 2010
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If it was me - I would go on a shopping spree LV luggage, jewellery ......
Seriously - I thought that they were only concerned if you had more than $10k in CASH with you on entry... If its a cheque/ payable order that is different...
Seriously - I thought that they were only concerned if you had more than $10k in CASH with you on entry... If its a cheque/ payable order that is different...