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What are the taxes for different countries for poker winnings.
Hi
Been trying to find out what the tax policies for poker are for different countries. If I'm correct, in England and Canada you don't need to pay any taxes on winnings. Could somebody please tell me approximatly how much of your winnings go to taxes in the US. Read some posts but have a hard time coming up with a approximate number [img]/images/graemlins/smile.gif[/img]. |
#2
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Re: What are the taxes for different countries for poker winnings.
U.S. tax laws say that you need to declare all your income whether earned in the U.S. or abroad. So much for trying to find legal ways avoid paying.
Regarding your question as to exactly how much, that is an unfair question since so many factors can apply to mention here. You need to discuss this with your accountant . You can also log on irs.gov or call them. |
#3
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Re: What are the taxes for different countries for poker winnings.
[ QUOTE ]
U.S. tax laws say that you need to declare all your income whether earned in the U.S. or abroad. So much for trying to find legal ways avoid paying. [/ QUOTE ] I'm pretty sure Swedes don't have to pay US taxes unless they earn the money in the US. |
#4
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Making my question clearer
I'm not talking about avoiding paying taxes [img]/images/graemlins/smile.gif[/img]. But what country would be the best to live in as a fulltime online poker player. I'm thinking about moving abroad when im finnished with my studies. And just playing with the idea that i may sometime make a living of poker.
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#5
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Re: What are the taxes for different countries for poker winnings.
In Norway (where I reside) there are no taxes on poker earnings as long as the pots or tournament wins does not exceed about $1500 (10,000 NOK) each. But you can subtract your own investment in the pot and could probably play $30/$60 for a living without being taxed. Something like that. It's pretty neat.
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#6
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Re: Making my question clearer
[ QUOTE ]
I'm not talking about avoiding paying taxes [img]/images/graemlins/smile.gif[/img]. But what country would be the best to live in as a fulltime online poker player. I'm thinking about moving abroad when im finnished with my studies. And just playing with the idea that i may sometime make a living of poker. [/ QUOTE ] This is really dependent on the rules in whatever country you are a citizen. A US citizen has to pay taxes no matter where he is....so a US citizen can't move to canada to get out of paying taxes on online winnings. Your location says Sweden, don't know their laws but they may be similar. |
#7
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Re: Making my question clearer
[ QUOTE ]
This is really dependent on the rules in whatever country you are a citizen. A US citizen has to pay taxes no matter where he is....so a US citizen can't move to canada to get out of paying taxes on online winnings. Your location says Sweden, don't know their laws but they may be similar. [/ QUOTE ] If a US citizen moves to Canada and cuts all his ties to the country (house, cars, bank accounts, etc...), I sincerely doubt they'll still require he pay taxes to the US on poker winnings, as he would be a resident of Canada and not the US. I'm not sure what would be necessary to do so though (work visa, canadian citizenship, etc. That said, if gambling is your primary form of income in Canada, you will be paying taxes on those winnings, and likely at a higher rate than the US, or any other country. But if you have a job and play poker on the side, no worries. |
#8
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Re: What are the taxes for different countries for poker winnings.
I think some real estate just opened up on the Gaza Strip and they're so busy with other things, that they won't hassle you for some poker taxes. The internet isn't too reliable there though.
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#9
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Re: What are the taxes for different countries for poker winnings.
No Taxes in Ireland on any gambling wins! You can even be a resident of Ireland, work and if you spend more than 138 days out of the country you won't have to pay taxes on any income! Try also Monte Carlo, Gibralta , Caymen Islands and Chanell Island off the UK.
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#10
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Re: What are the taxes for different countries for poker winnings.
[ QUOTE ]
That said, if gambling is your primary form of income in Canada, you will be paying taxes on those winnings [/ QUOTE ] This i still a grey area and a few battles going on in the court system |
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