Taxes on Gambling Winnings

[birdhands]

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

[Nathan Detroit]

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!!

[birdhands]

So Nathan, you've never been given a W-2G form when you cashed out?

[Nathan Detroit]

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!!!

[Nathan Detroit]

birdhands ,

Do you really believe that you will ever be given a  WG 1099  for  roulette winnings ?

Nathan Detroit
HAPPY WINNINGS!!!

[birdhands]

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

[colbster]

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?

[Steve]

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.

[Nathan Detroit]

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!!!

[birdhands]

@ 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

[Nathan Detroit]

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.

[birdhands]

Nathan,
  Thanks for the PM.  Your reasons sound fine to me.

Sam

[birdhands]

-