Tweet
We all know at times we here american ticket writers on the other end of are sportsbooks. Is it legal for them to work there as long as they pay taxes? Also if they work on the island where it is legal and regulated it shouldn't be a problem right? There is my question of the day. I will try in the coming weeks to be more active in this fourm.
-
-
If they work on the island and are paid by a company not based in the US, they don't have to pay US taxes.
good luck -
AZBOB,
Your information is incorrect. As a U.S. citizen you are required to pay taxes on all World-wide income....even if you earned it on the moon. The first $72,000 could be tax exempt if you were out of the U.S. 330 days of a tax year.
Now if you live overseas, bank overseas and the company you work for is foreign then that makes it damn near impossible for the IRS to prove that what you claim is NOT what you earned. Just dont go buying Mercedes and new homes on your 12k a year income.Comment
-
This is interesting, I did not know this.Originally posted by 8thpole:
[QB]AZBOB,
The first $72,000 could be tax exempt if you were out of the U.S. 330 days of a tax year. QB]
To your knowledge, does this $72,000 apply to unearned income like gambling winnings?Comment
-
My guess is that it could apply to gambling winnings IF you live in a foriegn country......why not?
[ 06-27-2001: Message edited by: Jeff ]Comment
-
I also think that as long as you live in the country there is no problems. I will say if you bring the money back into the states then there may be some tax issues.Comment
-
I may have to seriously look into this. Thanks for the info everyone.
Does anyone know how long could I live oversees and still maintain my U.S. citizenship?Comment
-
Unnamed,
Forever....Once a citizen always a citizen unless you take an oath in another country to become their naturalized citizen, denounce your citizenship or swear the U.S. as an enemy.
If you work on foreign soil you are just like any resident alien in the U.S., They have the right to work here, own property, etc. but they are still citizens of the country they were born in.
Gambling income is earned....just because you didnt have an employer doesnt mean its not earned. All income even income from illegal acctivities such as drug dealing is subject to tax......remember Al CaponeComment
-
Thanks for the clarification 8thpole.
You noted "could be tax exempt" with your statement re: being out of the US for 330 days in a year.
Given that the people in question are residing on their island of choice and meet the 330 day requirement, what situation could cause them not be be exempt?
thanksComment
-
http://www.irs.gov/tax_edu/faq/faq13-7.htmlOriginally posted by azbob:
Thanks for the clarification 8thpole.
You noted "could be tax exempt" with your statement re: being out of the US for 330 days in a year.
Given that the people in question are residing on their island of choice and meet the 330 day requirement, what situation could cause them not be be exempt?
thanks
This link leads to Tax Topics 853, 854, and 855; which do a good job of explaining the law as to pertains to people with real jobs.
I don't think I will be able to abuse the law as a tax shelter for gambling winnings, though. The Foriegn Earned Income Exclusion seems to only apply to earned income; the insturctions list gambling winnings as unearned income.
I believe (?) that if one declares himself a professional gambler the gambling winnings become earned income. But, I don't think I want to do that since (again, I believe ??) that I would have to pay FICA. Also I have read several stories by people who filed as professional gamblers who have been endlessly harassed by the IRS.
Anyhow, I hope the website can help clarify things for you.Comment
-
i wish this was a problem i had to worry about. hiding winnings! :oComment
Comment