I never get a tax rebate and I never pay tax on my gambling winnings, So sorry. I can't help, (but gloat)Quote: davidyones
Tax rebate a difficult task for gamblers.
Just win $225K and pay $50K in Federal Taxes like the rest of us single degenerate gamblers who ain't gonna win that much because of COVID-19 next year.
I believe he is in Europe and they don't pay taxes on gambling wins.
drawback of the gambling vessel that departs Cape Caveral twice daily is that it is American flagged and your winnigs are taxable. in the decade old other gambling boats your innings were legally in panamaonce you left US Terriyorial waters.
I don't believe that is true. I believe for US citizens almost all foreign income is taxable.
You must reside in a foreign country for at least 330 full days. The foreign earned income exclusion is currently $105,900 and you still must report all worldwide income. Gambling winnings are, of course, not earned income so the exclusion canít be used against themQuote: Hunterhill
I believe there are exceptions if you stay out of the US for 330 days out of the year . I donít remember all the details but you can exclude a certain amount.
I bet only a very small percentage of American gamblers have ever reported winnings on their taxes. For most of us itís all cash, no documentation, and mostly just nets out.Quote: OnceDear
I never get a tax rebate and I never pay tax on my gambling winnings, So sorry. I can't help, (but gloat)
The effective tax rate on most Americans is pretty low after deductions...probably a lot lower than yours. I wouldnít gloat too much