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Asked on Oct. 24, 2016 ,  2 answers Visitors: 10
Will I have to pay taxes on any gambling winnings earned in other countries (UK), if I bring the money back to the US?
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2 Answers

Anonymous
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Posted on / Oct. 28, 2016 20:23:15

If you are either a US citizen or permanent resident, or meet the substantial presence test, you are required to report worldwide income. You'll have to pay taxes in the US on that income, but you can deduct any gambling losses against your gambling income. I would suggest getting all the necessary documents from the UK casino and discussing with a tax attorney who understands expatriate tax. There is a US-UK tax treaty which may provide some relief.

Anonymous
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Posted on / Oct. 25, 2016 08:10:04

US Citizens or resident aliens are required to report income from whatever source, US or abroad. It doesn't matter whether you bring it back or not - you are required to report it on a US tax return. Failure to properly disclose income from foreign sources or foreign accounts can result in steep penalties.

You should probably contact a professional that regularly handles these kinds of foreign-income and foreign asset disclosure returns. It's better to get compliance right the first time through instead of it potentially becoming a much bigger issue later.

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