Playing Overseas / No taxes?

Reply #22

goldrush — Sat, 20 May 2006 03:56:48 GMT

Tax-free lottery

Irish Prize Bonds are like a lottery. Your bonds are in the weekly Prize Bond Draw. All prizes are

tax-free. And, unlike lotteries, you can cash in your bonds at any time and get your money back.

Prize Bonds can be purchased from anywhere in the world.

http://www.prizebonds.ie

Reply #21

rdc137 — Mon, 15 May 2006 14:16:42 GMT

If the online lotteries were sending cash across international lines sooner or later customs of some country would figure it out. There is a similar situation with weigh stations in various states. Furniture manufacturers in North Carolina would ship furniture to other states. Eventually, Virginia would send information from the truck manifests (obtained by the state police at weigh stations) to the destination states, who subsequentially would bill their residents for unpaid sales tax, and in t... [ More ]

Reply #20

LANTERN — Mon, 15 May 2006 04:19:26 GMT

Would non-U.S.A. banks report anything to anybody such as to the U.S.A and or the IRS? And Which countries' banks would be best? And can U.S.A bills be paid by such banks thru checks, money orders, direct tranfers and or in some other way(s)?

There is nothing like getting paid with cash. Can and or would online lotteries pay with cash and send the money thru Federal Express or by some other way or carrier?

And then keep your cash, don't put it in any bank.

I wonder if I should be saying... [ More ]

Reply #19

KY Floyd — Sun, 14 May 2006 18:46:13 GMT

If you're paying the taxes on it, the IRS doesn't care where the income came from.

The law says that transactions of 10 grand and more have to be reported, but that doesn't mean reports are only required for single transactions of 10 grand or more. Structured transactions totaling 10 grand are more are considered one transaction for reporting purposes. One example would be making a series of $1000 cash payments to a car dealer totaling 10 grand or more. Reports won't always be filed when they... [ More ]

Reply #18

LOTTOMIKE — Sun, 14 May 2006 12:27:46 GMT

lantern.the online lotteries payout different amounts for winning than the regular state lotteries.if they looked into it they could tell easily....

Reply #17

LANTERN — Sun, 14 May 2006 05:18:22 GMT

You can pay taxes on your winnings if you want to, but they (The IRS) doesn't have to know from where exactly you got the money, just tell them that it was money won from playing your state's pick 3 game it would be a half truth, but so what? So long as you pay the taxes, What Do they care from where you got the money? Income is income and taxes are taxes regardless, if you don't for some reason want to pay the taxes then think about donating some money to the poor or to some worth-while charity... [ More ]

Reply #16

rdc137 — Sun, 14 May 2006 04:57:04 GMT

Those using Betslips.com in the USA might also want to think about the RIAA lawsuits. How are they getting the info on who downloaded music? Just a thought...

Reply #15

Todd — Fri, 12 May 2006 02:26:47 GMT

You can withdraw any amount from Click2Pay into your bank account, so if you win a lot, just make multiple small withdrawals.

Reply #14

LOTTOMIKE — Fri, 12 May 2006 02:11:59 GMT

thanks califdude.got to make sure i don't hit too many one dollar straights online.9,000 is pretty close to 10,000.....

Reply #13

CalifDude — Fri, 12 May 2006 00:48:22 GMT

No. Title 18 says $10,000 or more.

Reply #12

LOTTOMIKE — Fri, 12 May 2006 00:44:00 GMT

got a very interesting question.........

lets say i get 2,000 put wired into my bank account by betslips.does the IRS look for things like this

Reply #11

justxploring — Fri, 12 May 2006 00:37:42 GMT

Brett, that's really not true. If you asked the IRS they'd say if you make $100 shoveling snow, you are supposed to report it as income. Some people think that the $600 or under rule means that it's not taxable. But let's say you were lucky enough to win $550 10 times in a year. That doesn't mean that a person who won $5,550 should pay tax and you don't need to because you won on different tickets. It only means that you are not required to fill out forms that are sent to the IRS. So if you nev... [ More ]

Reply #10

Brett — Thu, 11 May 2006 11:26:39 GMT

I used to think that pick 3/4 winners that won prizes under $500 did not have to report winnings at all.

Reply #9

Brett — Thu, 11 May 2006 11:16:22 GMT

I thought even though betslips and a few other places dont report winnings to agencies, If they are transferring money into your bank account or you cash a check from them, what would keep the IRS from noticing that your having money put in your bank account? I thought even if there just small amounts of money, there would still leave a papertrail a mile long anytime your having money put into a bank account. Maybe I misunderstood. It would be best if Betslips paid the winners in cold hard... [ More ]

Reply #8

CalifDude — Thu, 11 May 2006 08:24:22 GMT

The IRS regulations state that you have to report all income. The winnings from playing Pick 3 and Pick 4 from places like betslips.com is not reported to any government agency unless you get a transfer of $10,000 or more to a bank in the United States (lump sum that is). So most of us do not report it. Are we breaking the law? Yes.

Looking at what I just provided and comparing the answers you are getting from the casinos and online lottery places, I think you can see why they say do wh... [ More ]

Reply #7

justxploring — Thu, 11 May 2006 05:57:57 GMT

So I will assume that if you win at an overseas casino and they send you a check that you dont have to report those winnings as income?

Any income earned, whether here or abroad is taxable as long as your residence is in the United States and you are a citizen. That also includes winning lotteries or gambling abroad. Even if you live outside of the United States for a short time, you can't avoid paying tax. People often open offshore accounts or leave the country to avoid paying tax if t... [ More ]

Reply #6

KY Floyd — Thu, 11 May 2006 05:00:01 GMT

<< I do not know does this qualify as income tax? >>

Which part of income isn't clear?

<< This is also the offical UK lottery so it has the sanction of the government and is tax-free because of it. >>

Being an offical government lottery has nothing to do with it, and the UK government can't exempt anyone from another government's taxes. They, and the governments of other countries that offer Euromillions, are free to make winnings exempt from their own taxes, but that's it. If yo... [ More ]

Reply #5

Todd — Wed, 10 May 2006 14:27:00 GMT

Very interesting article

Reply #4

savagegoose — Wed, 10 May 2006 13:42:54 GMT

here in australia, our lotto is said to be tax free. but that is the jackpot. we actually pay 1/11th of the entry straight to the gov.

so all entrants pay the tax on the lotto, and the winner gets prize tax free.

o well they always gets their cut.

Reply #3

dvdiva — Wed, 10 May 2006 01:23:16 GMT

Online casinos and lotteries are two very different things. I get tickets occationally though PTS (the link to the left about Euromillions). It's the UK lottery and to claim a large prize I'd have to fly out to the UK. This is also the offical UK lottery so it has the sanction of the government and is tax-free because of it. Online casinos are usually ran offshore in very small countries or very poor countries by mostly US owners. You don't fly anywhere to claim anything. I wouldn't trust most o... [ More ]

Reply #2

gy65 — Tue, 09 May 2006 15:44:20 GMT

Online is just a river full of suckers . . Dirty Poker

Reply #1

Brett — Tue, 09 May 2006 09:07:07 GMT

I forgot to mention I asked a similar question a few months back and got some really good responses and they were very helpful. But at that time I just wanted to know how much a person would have to pay if they won the regular US state sponsored lotteries or Casinos in the usa. So now I just wonder if a person is expected to report winnings if they won while playing online at overseas casinos whether they are playing blackjack, poker, or whatever.

Playing Overseas / No taxes?

Brett — Tue, 09 May 2006 08:52:33 GMT

There are lots of online casinos based outside the USA. I understand that casino winners have to pay taxes on their winnings if your playing in the USA . But I heard if you are living in the USA and your playing at an overseas casino that you do not have to report your winnings to the IRS. You are playing overseas over the internet, so if you win, US tax laws dont apply in this case. Because the casino thats paying you is overseas, so the US tax law does not apply to you. Sounds too good t... [ More ]