U.S. Poker player's cost of living

[Paul2432]

I'm not a tax expert but I can read. I found the following on the IRS web site.

Income earned by US citizens residing outside the US is taxable. However, upto $80,000 of foreign earned income may be excluded.

Earned income exclusion

Note the use of the word "earned"

In publication 54 the IRS specifically states that gambling income is "unearned". Unearned income is not eligible for the $80,000 exclusion.

Publication 54 - earned income (scroll down a bit)

I am not sure if there is a way around this if you have previously filed as a professional gambler.

Paul

[cowboyzfan]

i can read too. that sucks [img]/images/graemlins/mad.gif[/img]

anyway, thanks for the info.

[Sporky]

I'm from Ocean Springs (across a bridge east of Biloxi), and I say that the Biloxi estimate is way too high. I don't anyone who makes near that much in that area, and they have no problem supporting themselves and/or a family. It depends on your standard of living and if you have a family etc. I would think as a bachelor you could easily get by cutting that figure in half. One thing to consider is that the highest limit poker games that I have seen in the area is $20/$40 at the Grand Casino Biloxi. So if you chose to make your living playing B&M casino, then I don't know of a place you could play for higher limits if needed/wanted. Housing and food aren't that expensive and like previously mentioned, the casinos usually comp you meals. Some of the property taxes can be high, but I don't see how that $70K figure was calculated.

[Tsushima]

[ QUOTE ]
All poker winnings are treated the same as any gambling winnings in the UK. It is all tax free.

However, if solely playing online, I wouldnt recommend moving to the UK. Brazil, Argentina, Australia, New Zealand spring to mind. Cost of living is cheaper in all of these countries too. And the weather is infinitely better, as is the food, the women, and pretty much anything else you can think of.

[/ QUOTE ]

I don't have to move to the UK. I already live there [img]/images/graemlins/smile.gif[/img]

I have considered moving to New Zealand, partly because its a nice place to live and partly because the timezone difference re the USA would give me an advantage over tired and/or drunk Americans when I am playing during my most awake hours [img]/images/graemlins/smile.gif[/img]

I hadn't considered Brazil or Argentina. What are those countries like in terms of standard of living, public amenities, law and order, etc.

[Mystic]

Well a few years ago I went on a round the world trip, and during this time I spent six months in Australia and one month in New Zealand. Either of these countries would be ideal for online poker. COL is slightly cheaper in New Zealand, but I would choose to live in any of a multitude of places on the east coast of Australia for the bonus of the nightlife [img]/images/graemlins/wink.gif[/img]

As for Brazil and Argentina, I've only ever heard good things about Buenos Aires in particular. COL is cheap, and it's easy to get sorted out with a nice apartment with internet. And apparently the nightlife is amazing! An at least basic knowledge of Spanish is a requirement though.

In 2-3 months time I will be doing something similar, once my current contract finishes it will be time to flee this pit of a country. At the moment Buenos Aires is looking the most likely destination.

[burningyen]

I understand that Argentina is home to a sizable British population, as well, if that makes any difference.

[Jofer]

According to the IRS, Table games in NATO countries are non-taxable. If you win one million dollars playing craps, roulette, blackjack, or even poker, you don't have to pay US or UK, French, Italian, taxes on it. This does not apply to Canada though. Both Americans and Canadians are required to pay taxes on substancial winnings in both countries. If you're looking for a tax free way to make money, commute to London [img]/images/graemlins/smile.gif[/img]