#1
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Does a US citizen have to pay taxes on money won in Canada?
Here in MI there is a big billboard for Casino Windsor basically saying that any money won there is tax free. Is that, indeed true?
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#2
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Re: Does a US citizen have to pay taxes on money won in Canada?
The US tax system is based on worldwide income. Therefore, you are supposed to report your winnings from Casino Windsor on your tax return.
The billboard is really saying that you should choose to go to their Canadian casino because they are not subject to the IRS reporting requirements that a US casino would have to follow. |
#3
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Re: Does a US citizen have to pay taxes on money won in Canada?
Yes, it is indeed absolutely true. The only catch is, once having won some money in Canada, do not plan on ever entering the U.S. again. If you win a very large amount, better have your alternate identity set up also.
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#4
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Re: Does a US citizen have to pay taxes on money won in Canada?
There is no CANADIAN tax on your winnings in Windsor.
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#5
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Re: Does a US citizen have to pay taxes on money won in Canada?
Well the Fed expects you to pay tax on any income even if it's earned outside of the US.
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#6
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Re: Does a US citizen have to pay taxes on money won in Canada?
Well, if it is less than $10,000--no problem--you are allowed to bring in LESS than $10,000 cash without claiming it. Just make sure myou count the money in your pocket--change under the seat etc etc--just keep the total amount of money in your car/whatever less than $10,000. Of course, you shouldn't deposit the money in your bank account since it might be reported. If its over $10,000--oh well.
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#7
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Re: Does a US citizen have to pay taxes on money won in Canada?
Thanks, I'm aware of those requirements. For whatever reason I was thinking that if I played in Windsor I wouldn't have to pay taxes on my winnings. It looks like I was fooled by their marketing
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#8
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clarification
I filed as a pro last year and plan to do the same this year. If I play poker in Canada every day do I have to pay taxes on those winnings? Do I only have to pay federal tax?
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#9
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Re: Does a US citizen have to pay taxes on money won in Canada?
i saw that sign also. Yes, you have to report. Or, don't, and gamble with the feds. Not paying taxes is +ev in my opinion.
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#10
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Re: Does a US citizen have to pay taxes on money won in Canada?
[ QUOTE ]
i saw that sign also. Yes, you have to report. Or, don't, and gamble with the feds. Not paying taxes is +ev in my opinion. [/ QUOTE ]You seriously underestimate the loss that prison time represents. |
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