Do you have to pay state/federal or both/neither taxes?
2006-08-23 02:05:36 · 8 answers · asked by ROSS K 2 in Business & Finance ➔ Taxes ➔ United States
U.S. citizens are are liable for taxes on all foreign income, regardless of source. There are exceptions if you live in the other country for substantially the whole year, and there are credits/deductions for taxes paid to the other country. But yes, you are subject to U.S. tax.
2006-08-23 02:10:37 · answer #1 · answered by Jamestheflame 4 · 1⤊ 0⤋
You pay federal taxes on all worldwide income. So for federal income tax, the answer is "Yes"! I'd guess that your state would want a cut of your good fortune, too.
2006-08-23 02:11:57 · answer #2 · answered by Adios 5 · 1⤊ 0⤋
Yes, but you deduct the tax payed in Canada
2006-08-23 02:12:04 · answer #3 · answered by Lisandro V 4 · 0⤊ 0⤋
Since it is income, yes you would have to pay both state and federal.
2006-08-23 02:09:27 · answer #4 · answered by wildbill05733 6 · 0⤊ 0⤋
yes income tax for sure
2006-08-23 02:11:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
no taxes are applicable in america on this lottery amount.
2006-08-23 02:10:00 · answer #6 · answered by shariq 1 · 0⤊ 1⤋
yes you are
2006-08-23 02:22:53 · answer #7 · answered by BBQ MASTER 1 · 0⤊ 0⤋
It's called do you have anything to declair!!!
2006-08-26 03:09:39 · answer #8 · answered by Anonymous · 0⤊ 0⤋