Does anyone outside the US need to pay taxes on their winnings? And for those of you in the US, do you pay taxes? Any advice on how to avoid paying them? I know we can deduct our losses, but I wonder if we can deduct any more than that.
Sam
US table players are seldom subject to WG 1099 unless they are high rollers and buy in for atleast 10 Grand. It`s usually the slot/VP with jackpots above $ 1,200.-- who will get those.
I doubt that I will ever get the Royal Flush at MAX coins.
I had my share of Royal Flushes but within a certain system called up the steps at lower coins in. My highest jackpots at slots were $ 500.-- and at VP$ 250.--
There has been quite a change from years ago with those VP machines. The chips these days are controlling the randomness of the cards one gets. So we are playing just with that in mind. it`s more getting the comps than anything else.
My short term play ( my M.O.)would not justify even one free drink. Therefore we are accumulating points another way. But the winnings at roulette usually cover other expenses at the casino.
Nathan Detroit.
HAPPY WINNINGS!!
So Nathan, you've never been given a W-2G form when you cashed out?
Correct. My casino trips are for recreation purposes especially the ones to Atlantic City. I can`t Llose much and I don`t win much to " qualify " for the 1099.
Nathan Detroit
HAPPY WINNINGS!!!
birdhands ,
Do you really believe that you will ever be given a WG 1099 for roulette winnings ?
Nathan Detroit
HAPPY WINNINGS!!!
I did a lot of online research and that's what all the accountants had to say. Namely that we as Americans must pay taxes on all our winnings, online or not, and that the casinos are required to submit a W-2G. But maybe the fact that all the online casinos are in other countries exempts them, so we can go under the radar on those.
Sam
I'm thrilled to death that this has even become an issue for me: earnings. In the past, it was always headed out. I have recently started playing on BV and had to move my money into "webmoney" to transfer funds into the account in euros. When it comes time to withdraw, my only realistic method will be a wire transfer into my bank account. I am concerned about an audit that has *hopefully* many large wires from outside the country into my account.
Any ideas on how to address this issue?
Any transfer over $10,000 is automatically reported.
Never register for a tax file number, and you'll never need to pay tax or worry about how to avoid paying tax - well that's one way.
Birdhand,
I have removed my reply which is for you to read in the PM section.
Colbster,
Thanks for your PM.
Nathan Detroit
HAPPY WINNINGS!!!
@ Nathan,
Why do you need to remove your reply?
@ Colbster,
I didn't realize you are American. How can you even play at BV if you're an American citizen? I thought that was impossible. Please let me know as I would love to play online at BV, Dublinbet, etc.. I guess Nathan's right; just mentally subtract 20% from all your winnings and then file them (minus whatever losses you can claim/invent). It beats going the way of Al Capone. Or maybe you could put it all in an account in Switzerland and then get a fancy accountant to help you use it (like some kind of credit card or something). I hope this isn't too subversive; Nathan's got me nervous that Big Brother might be watching...
Sam
birdhands ,
Personal reasons.
One more thing. The other day I read an article by a European reporter who wanted to open an account in a Swiss Bank with 50,000.-- EURO and was told to go somewhere else. In addtion the Banks there charge YOU a fee for taking care of your money.
N.D.
Nathan,
Thanks for the PM. Your reasons sound fine to me.
Sam