2006-06-14 21:39:56 · 6 answers · asked by kenny_scarface 4 in Games & Recreation ➔ Gambling
US citizens are required to pay taxes on their worldwide income. Most countries do not do this, but the USA is one of the few.
You can chance it and not declare it, but what if they bust the book that you win with and get the records some day. Then you are up the creek w/o a paddle.
Just pay the taxes now and sleep easier. That's my advice :)
2006-06-15 01:58:48 · answer #1 · answered by Anonymous · 1⤊ 1⤋
In the United States, you are liable for your world wide income. That includes legal and illegal income.
It doesn't matter if you bring the proceeds back to the US or not.
The only exception is a $70,000 per year exemption for earned income overseas. I don't think this qualifies, but you never know.
2006-06-15 01:59:52 · answer #2 · answered by CycloneSteve 3 · 0⤊ 0⤋
sports betting is illegal in most states and in the places that it is regulated and legal the bookmaker is responsible for paying if they win and if you win you are responsible if it is over a certain amount depending on what state youre in
2006-06-14 21:43:34 · answer #3 · answered by drunkbomber 5 · 0⤊ 0⤋
if you bring it into the country you have to declare it and pay taxes on it. if it stays out of the country, like in your betting account, no taxes need to be paid here. the country it is in may want a slice of it though.
2006-06-14 21:49:56 · answer #4 · answered by just_wondering 3 · 0⤊ 0⤋
Absolutely, yes. In fact, I was reading the other day that you are expected to pay taxes on money made from illegal activities! Basically, if you make money (no matter how) you must pay taxes on it.
2006-06-15 19:48:03 · answer #5 · answered by man_drone 3 · 0⤊ 0⤋
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2017-02-15 15:02:18 · answer #6 · answered by Mary 4 · 0⤊ 0⤋