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davidyones
davidyones
davidyones
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Joined: Oct 29, 2020
October 30th, 2020 at 8:37:36 AM permalink
Tax rebate a difficult task for gamblers.
OnceDear
OnceDear
OnceDear
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Joined: Jun 1, 2014
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)
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
ChumpChange
ChumpChange
ChumpChange
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Joined: Jun 15, 2018
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
DRich
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Joined: Jul 6, 2012
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.
At my age, a "Life In Prison" sentence is not much of a deterrent.
FleaStiff
FleaStiff
FleaStiff
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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
DRich
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Joined: Jul 6, 2012
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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.
At my age, a "Life In Prison" sentence is not much of a deterrent.
Commish
Commish
Commish
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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
Hunterhill
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Joined: Aug 1, 2011
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 don’t 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
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 don’t 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 can’t be used against them
Last edited by: Ace2 on Nov 1, 2020
It’s all about making that GTA
Ace2
Ace2
Ace2
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Joined: Oct 2, 2017
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 it’s 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 wouldn’t gloat too much
It’s all about making that GTA
Sandybestdog
Sandybestdog
Sandybestdog
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Joined: Feb 3, 2015
November 1st, 2020 at 4:19:39 PM permalink
The American people are getting screwed by not being able to write off losses against W2G wins unless you itemize. Can’t believe the casinos don’t have better lobbyists to get the laws changed.
Hunterhill
Hunterhill
Hunterhill
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November 2nd, 2020 at 3:57:51 AM permalink
Quote: Ace2

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 can’t be used against them


If You are a professional gambler wouldn’t gambling winnings be earned income?
The mountain is tall but grass grows on top of the mountain.
Ace2
Ace2
Ace2
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Joined: Oct 2, 2017
November 2nd, 2020 at 6:35:53 AM permalink
Quote: Hunterhill

If You are a professional gambler wouldn’t gambling winnings be earned income?

Maybe
It’s all about making that GTA
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