Other Countries to Live/Play

[1p0kerboy]

If one was looking for a new country to belong to, what would be some good choices?

Assume:
1. English being the main language is important.
2. Cost of Living.

The obvious answer is Candada. What are some others?

[Mossberg]

The cost of moving probably won't be worth it because poker will become ALOT less profitable if there is a ban in the U.S.

[Gunslinger1988]

This is something I was considering also. In doing a little research, I found one big roadblock is most countries require residency for quite some time (1-3 years?)before you can apply for citizenship. I would hate to pay taxes to a US government that made online poker illegal. Anyone who has some experience in other countries regarding taxes and living conditions a report would be appreciated.

[ginko]

Gunslinger, online poker is rigged. HEHEHEHE just kiddin you.

First 80k you make in another country is tax free in the USA, however you must pay tax's on that money in the country you are in.

So the UK would be a good example of a place to go, because they dont tax gambling winnings.

Thats my understanding of it anyways.

[DMACM]

[ QUOTE ]

First 80k you make in another country is tax free in the USA



[/ QUOTE ]

How do you know this? do you have a reference for this?

[ginko]

research it... Ive read that in multiple places.

[Reject]

IRS Publication 54
http://www.irs.gov/publications/p54/ch04.html#d0e2133

"your tax home is in a foreign country and you meet the bona fide residence test or the physical presence test, you can choose to exclude from your income a limited amount of your foreign earned income. Foreign earned income was defined earlier in this chapter.

Yyou cannot exclude more than the smaller of:

1.$80,000, or
2. Your foreign earned income (discussed earlier) for the tax year minus your foreign housing exclusion (discussed later)."

Gambling however, appears to be considered unearned income, as shown on the chart in pub 54

[subblime]

Gambling can be considered income if you file as a professional. You can then also deduct expenses, but I suppose it increases your chances of an audit, too.

[chicagoY]

I wouldn't worry too much. I think we're alone in waging a "War on ONline Poker."

[Lawman007]

[ QUOTE ]
First 80k you make in another country is tax free in the USA

[/ QUOTE ]

Yeah, and when you're indicted for income tax evasion, you can tell the judge that some random anonymous guy on an internet poker forum said it was okay. LOL