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Yes, money gained from winnings abroad is considered income. The Bahamian government may or may no report it, depending upon the amount.
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Wins from Online gambling is it taxable from the country of curacao?
If you are a US citizen or a US resident, your income is taxable in the US, no matter what country you earned it in. That includes gambling income, whether legal or illegal.
Is winning an iPad through company email taxable?
It depends upon the country you live in. In the US, all winnings from gambling, lotteries and such are taxable. In Canada, they are not. Taxes are payable only to the IRS, not to the company giving you the iPad. If you have just received an anonymous email claiming you won an iPad, but first have to send money to cover the taxes, don't. It's a classic email scam, and you won't get an iPad.
Do I have to pay taxes on money won in a foreign casino?
Gambling winnings are taxable. Earnings made outside of the US (example: sports players playing or winning a championship someplace else, a salesman making sales in Europe, etc) are taxable. So yes.
Do you have to pay taxes on found money?
If you are in the US, technically that would be income and you'd have to file it under miscellaneous income, much like if it were gambling winnings. Yes it is taxable - basically, increases in wealth are taxable. The "hidden hoard" is a famous tax case where someone bought a Piano and much latter found a hoard of $ in it. There were tax accounting issues as to the $...could they offset it by the cost of the Piano, did they actually "buy" the money when they bought the piano...etc....but the bottom line is...found value is taxable.
Do US olympic athletes pay taxes on their winnings?
no they do not have to pay taxes on their winnings.
How much money do you pay for taxes on winnings?
Lottery winning are the same as any other earning...and will be taxed federally and locally as any other income of that amount would be (which of course depends on many things, income level, number of dependents, number of deductions, etc.etc.)As I recall, Florida doesn't have much of a State income tax, so your real consideration is Federal.Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 and include all of your winnings. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Income. # A payer is required to issue you a Form W-2G if you receive certain gambling winnings or if you have any gambling winnings subject to Federal income tax withholding. All gambling winnings must be reported irrespective as to whether any portion thereof is subject to withholding. in addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax. You may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on Form 1040, Schedule A (PDF). However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.
If I win a sweepstakes is the money taxable?
In the US - winnings of any sort of lottery, gambling, raffle, contest, etc are taxable as ordinary income. You won INCOME from someplace...and that is what income tax is paid on. Yes, about 20% depending on where you live. Actually at your marginal rate, which depends on the tax for the State you live in and is on top of the US Federal rate you'll pay. That rate is somewhere between 15% for low income, to about 25% for modest and quickly becoming about 32-35% for higher incomes. If the sweepstakes is a winning of over $600, they may withhold the tax from the payout, frequently at a 20% rate, albeit what is withheld is not what one actually pays.
Do you need a pass port to go to the Bahamas from US?
from the us to the Bahamas
Are US life insurance policies taxable?
As a general rule, life insurance policies in the US are not taxable. However it is taxable if it is combined with a non-refund life annuity.
Is Term life insurance money taxable?
In the US, the money is not taxable if the beneficiary is an adult.
What state in the US has the most lottery winnings?
Pennsylvania, with twelve.
Is coco cay Bahamas part of US territory?
No, it is part of the Bahamas.
