Would you have to pay US tax if...
#1
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Would you have to pay US tax if...
If on a visit to the UK you go to a turf accountant and place a bet on the EU referendum or US election and win, would you have to declare it and pay US tax?
#2
Re: Would you have to pay US tax if...
TOTALLY OFF TOPIC WARNING! Turf accountant! Haven't heard that in an age -- what a wonderful euphemism that is!
Sorry, OP, back to your query . . .
Sorry, OP, back to your query . . .
#3
Re: Would you have to pay US tax if...
If you are a resident in the US and pay taxes here than I would say yes. Gambling winnings is treated as income in the US and tax is paid on it, so I would expect that to apply to world wide gambling income.
#4
Re: Would you have to pay US tax if...
It's like that line on the state tax that you're supposed to declare purchases made in other taxes, especially tax free ones. Well it might only be a MA thing because we're next to NH
#5
Re: Would you have to pay US tax if...
I have a plan for a good scam. Erect a customs post on the border of Washington and Oregon and collect Washington sales tax on anything being taken out of Oregon. See how much I can collect before being found out.
#6
Re: Would you have to pay US tax if...
NC expects people to declare out of state purchases "imported" to NC and untaxed on-line purchases on their tax return. Not all my fellow North Carolinians are as honest as I am.
#7
Re: Would you have to pay US tax if...
Yes, you have to pay taxes on gambling winnings. In fact, if you do it online there is an argument that you have to report the existence of an online gambling account on the FBAR.
FBAR Penalty for Failure to Report Online Gambling Accounts
FBAR Penalty for Failure to Report Online Gambling Accounts
#8
Re: Would you have to pay US tax if...
Yes, you have to pay taxes on gambling winnings. In fact, if you do it online there is an argument that you have to report the existence of an online gambling account on the FBAR.
FBAR Penalty for Failure to Report Online Gambling Accounts
FBAR Penalty for Failure to Report Online Gambling Accounts
"A client living outside the UK should check whether local regulations permit them to hold Premium Bonds. For example, the US has strict gaming laws which may mean it isn’t possible or practical to hold Premium Bonds while living there. Where Bonds are permitted, your client will need to apply by post, then register for our online and phone service to manage their holding."
#10
Re: Would you have to pay US tax if...
Fortunately we don't have to pay tax on out of State purchase, so I guess that keeps everyone honest.