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#11
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Considering about nobody beats the number, or almost nobody why does the US government punish the gambler when he hits a score anyway? It's all going back in rake, unless he is among the 5 percent who can beat the house.......
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#12
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That just doesn't make sense. Either gambling winnings are subject to taxation, or they're not. You seem to be saying you are not legally obligated to pay taxes in Canada on small gambling wins, but are required to pay taxes of them if they become big wins?
If you mean that small-time winners who don't confess their gambling wins get away with it, and are not really pursued by the tax authorities, then I understand. But that doesn't mean those gambling wins aren't taxable, just that people get away with not paying the taxes due on them. Later, Greg Raymer (FossilMan) |
#13
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![]() No, gambling winnings are not taxable there. The exception is if one is engaged in the business of gambling, a pro poker player being an excellent example. Whether or not it makes sense, I do think that is the law based on various discussions of this topic by Canadians over the years. |
#14
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OK, that makes some sense. Recreational gamblers do not owe taxes on gambling wins, but professional gamblers do.
Thanks, Greg Raymer (FossilMan) |
#15
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"(even though I don't plan on ever staying [in Canada], unless I got up to fish)?"
But I'll have you know that there ain't a place in the United States (except maybe San Diego) that can compare to Vancouver, B.C., Canada. |
#16
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Allow me to post the first slighly useful post to this thread:
First of all, $10,000 is the government's magic number for scrutiny of funds. Never take out a 5-figure cashout in one check. If you play under your own name, the key is that you don't deposit cashout checks to your own bank account. If you get audited, they'll find out right away what you've been doing. Instead, give the checks to someone with a very slim audit risk, like your 90 year old grandmother on social security. She can then withdraw your cash for you. Of course, playing under the name of a Canadian friend, and having cashout checks sent to him is probably a better idea. Your IP address is still American, but government IP tracing is way too much of a hassle...the donut eaters won't even bother doing that. Of course it's every American's patriotic duty to pay his taxes to fund the oh-so-beneficial war on drugs, and welfare payments to lazy able-bodied adults. |
#17
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"Allow me to post the first slighly useful post to this thread:"
OK, Frozen we are ready and waiting. I suppose the previous paragraphs you just wrote were a warmup for the useful information to follow. |
#18
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[img]/forums/images/icons/laugh.gif[/img] hey fergit taxes...gay marriages legal in icicle land....that's why people want to establish residency there..... [img]/forums/images/icons/cool.gif[/img] [img]/forums/images/icons/spade.gif[/img]
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#19
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The article linked to by Jimbo (http://www.escapeartist.com/ar2/forbes2.htm) merely says that after you renounce citizenship you may still be taxed on your U.S. income. I don't see how the U.S. could tax a non-U.S.-citizen on income from Canada (or Costa Rica).
But in any event you would apparently have to renounce your U.S. citizenship; and you'd be well advised to get another citizenship lined up beforehand. Canadian citizenship would take at least three years to acquire. |
#20
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"$10,000 is the [American] government's magic number for scrutiny of funds. Never take out a 5-figure cashout in one check."
And there's also a magic word one has to always remember when acting like that : structuring. |
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