davidyones
davidyones
Joined: Oct 29, 2020
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October 30th, 2020 at 8:37:36 AM permalink
Tax rebate a difficult task for gamblers.
OnceDear
Administrator
OnceDear 
Joined: Jun 1, 2014
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October 30th, 2020 at 11:41:29 AM permalink
Quote: davidyones

Tax rebate a difficult task for gamblers.

I never get a tax rebate and I never pay tax on my gambling winnings, So sorry. I can't help, (but gloat)

$:o)
Beware. The earth is NOT flat. Hit and run is not a winning strategy: Pressing into trends IS not a winning strategy: Progressives are not a winning strategy: Don't Buy It! .Don't even take it for free.
ChumpChange
ChumpChange
Joined: Jun 15, 2018
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October 30th, 2020 at 1:25:07 PM permalink
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.
DRich
DRich
Joined: Jul 6, 2012
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October 30th, 2020 at 1:33:26 PM permalink
Quote: ChumpChange

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.
Order from chaos
FleaStiff
FleaStiff
Joined: Oct 19, 2009
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October 31st, 2020 at 9:38:14 AM permalink
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.
DRich
DRich
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RogerKint
October 31st, 2020 at 11:03:31 AM permalink
Quote: FleaStiff

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.
Order from chaos
Commish
Commish
Joined: Jan 5, 2013
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OnceDear
November 1st, 2020 at 9:53:06 AM permalink
A US citizen is always taxable on his worldwide income.
Hunterhill
Hunterhill
Joined: Aug 1, 2011
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November 1st, 2020 at 11:31:20 AM permalink
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.
The mountain is tall but grass grows on top of the mountain.
Ace2
Ace2
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November 1st, 2020 at 2:17:19 PM permalink
Quote: 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.

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 them
Last edited by: Ace2 on Nov 1, 2020
Itís all about making that GTA
Ace2
Ace2
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November 1st, 2020 at 2:23:36 PM permalink
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)

$:o)

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.

The effective tax rate on most Americans is pretty low after deductions...probably a lot lower than yours. I wouldnít gloat too much
Itís all about making that GTA

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