Moving to Aruba/Cancun/Australia tax/residency questions

[MicroBob]

Interesting.

Although 'business profits' falls under the category of 'variable income' and I couldn't quite figure out what that means.

but it does appear clear that gambling winnings shouldn't count fo rthe $80k exemption.

Even if this is the case you can still obviously save a bundle on cost of living in certain places.
but having to pay full-taxes back to the U.S. kind of sucks imo.

[LImitPlayer]

If your making enough money playing poker to consider moving out of the country to avoid paying taxes on your 1st 80K of income heres a tip... hire an ACCOUNTANT or a LAWYER or whoever to get the answer. You obviously have the money to do so.

Your going to do this anyway right? I mean your not going to just get your info from an internet message board and say that "Joe Schmoe" said this and this so it must be true.

And I really hope your not just going to "google" the info to save a few bucks on what could be a life altering decision.

I've never understood why people ask comlicated legal questions in regards to taxes, citizenship etc on an internet poker forum A) You are goiing to get 16 different answers B) 16 out of the 16 answers will be wrong because everyone is an expert on the subject c) If you make possible life altering decisons such as not paying taxes or moving to a different country etc based on what you read here well you are an idiot. ( Not calling you an idiot, just making a point)

The "Do I have to pay taxes in Canada" thread is a perfect example of this.

If your not completely nuts and are going to hire a proffesional whatever to answer your questions correctly then why bother posting here in the 1st place? You are going to get so much incorrect information that any correct answers you recieve will be mixed in with all the junk.

Also heres another thought to ponder: Is it worth it to save 25K a year in taxes or whatever your tax rate is (I don't know your tax rates cause I live in Canada) to move to a different country, leave your friends and family behind and have a different quality of life?

[MicroBob]

I agree with much of what you say.

A couple of nit-picks though:


1. Many professional accountants don't even know what they're talking about when it comes to online-gambling. Some will say that it's not even possible to file a schedule-C as a professional (simply because they aren't familiar with it).
I have recommended to those who go to a professional to take with them a copy of Walter Lewis's Gambling Guide to Taxes so that they can show the accountant the specific part they are referring to.

Also - there are actually some on here who do know what they're talking about. There was a tax-thread on here from last Feb or so and a guy with the handle CPA (who actually is one) had some terrific input and answered a lot of questions.


Overall though you are correct of course. Obviously you are still going to better with a professional than on an internet-forum.



2. I really don't think most people are looking to move as a situation to 'save money'.
Some want to experience different cultures and areas...live in an area they would half-consider to be paradise....try something new. Whatever.

The U.S. is fine (except I'm not thrilled about the taxes) And I have some friends here of course.
But I would really love to see the world and do something like this.

[TStoneMBD]

hi nightwish, ive read that article before saying that gambling winnings are not earned income but i thought twoplustwo has made some progress on the issue within the past few months and i was beginning to think its clear that the 80k tax credit applies for poker players.

i really dont want this to turn into a tax credit question. the purpose of this thread was to ask about how to obtain permanent residence in a foreign country and what the tax rates are in those countries.

hi limitplayer, keep your opinions to yourself tks.

[LImitPlayer]

Well jeez I would have but since you came on here asking for opinions, I gave one. Not my fault you didn't like it.

I don't remember seeing anything along the lines of "don't post If you think I won't like the answer"

It's ok, I don't feel like getting into a pissing match with some 22 year old who's main thing in life is poker. Judging from past posts of yours, you are talented in the poker field but are lacking in other areas of life.


It's a shame you can't take criticsism.

[ QUOTE ]
the purpose of this thread was to ask about how to obtain permanent residence in a foreign country and what the tax rates are in those countries

[/ QUOTE ]

Again, don't be so cheap and get the correct answer from a proffesional who knows the answer.

If i had a question about poker I wonder if I would get reliable and correct info If i posted on a porn forum.
And then of course I would act on it without getting proffesional advice because they must be right.

But if I was getting proffesional and correct advice to begin with why would I bother posting on an internet forum?

Microbob made a point that there will be some posters who will know what they are talking about but there is no way for you to know who is correct unless you know what you were taling about, in which case you wouldn't have asked the questions in the 1st place.

edit-actually after reading the tone of my post I guess I don't have anything better to do then get into a pissing match at the moment

[TStoneMBD]

"proffesional" "criticsism" "your"

[LImitPlayer]

I relly doont care whow I spell. Its nott a contesst

[LImitPlayer]

[ QUOTE ]
desireable

[/ QUOTE ]


desirable

aw only 1, you win but your punctioation and grammar suck.

And yes mine does as wel or is it weell maybe well?

[Overdrive]

[ QUOTE ]

You might want to swing by his forums (he has his own forum but I don't know the address)

[/ QUOTE ]

Matthew's wonderful forum is at http://www.internettexasholdem.com

[TStoneMBD]

thanks mbob and OD and the others who helped. keep the comments a comin [img]/images/graemlins/smile.gif[/img]