Gambling Winnings On International Waters
- Gambling Winnings 2018
- Gambling Winnings In International Waters
- State Taxes On Gambling Winnings
- Gambling Winnings Reporting
Administrator
Cruises used to be one of the few places you could find casino gambling in the United States outside of Las Vegas or Atlantic City.A cruise ship would leave port, and the casino would open as soon as the ship was three miles offshore in international waters. How to gambling international waters age make money from online casino bonuses. There are a couple of different strategies you can implement in order to maximize your winnings when playing with a bonus. In this section, we go through how to gambling international waters age make money from casino bonuses.
1. For professional gamblers, what are the pros and cons of declaring gambling winnings as work income as opposed to ordinary gambling winnings?Reporting Gambling Winnings on Form 1040. All money won on a cruise ship, even winnings that are less than $1,200 and do not require issuing a Form W-2G, must still be reported by the individual taxpayer using IRS Form 1040. It does not matter if the wagering gains are won on a cruise ship in international waters or in a foreign country; the amounts need to be included. If an individual has wagering gains from an Internet website, the amounts need to be included.
Winning money in international waters, do you get taxed? If you live in the states an you win money in international waters do you get taxed? You can only deduct your gambling losses up to your extent of gambling winnings. Moral; don't gamble. Currently standard forms of sports betting such as betting on dog and horse races, are legal as well as Casinos on native land, owed by the tribes. Texas does offer Casino Cruises, taking passengers on international waters to avoid gambling laws completely. In February 2019 a Bill regulating sports betting in Texas was introduced.
2. Is it true the United States is the only country to tax gambling winnings?
I usually stay out of your threads so no one gets confused since my moniker is your shows initials by accident. I think most people on here know, but I waned to put this little blurb on this post so I don't confuse anyone. My name actuslly stands for gambling without an edge but my dodo brain didn't realize that the initials are the same since without is 1 word.
Anyways, I do have a question .
Can someone create a c corp or some other business and play under that. If so can you give a tax Id instead of social on hand pays.
People might roll their eyes at thia idea but If this is possible I know you may pay more taxes in the long run but there may be other tax advantages for lower income people.
I usually stay out of your threads so no one gets confused since my moniker is your shows initials by accident. I think most people on here know, but I waned to put this little blurb on this post so I don't confuse anyone. My name actuslly stands for gambling without an edge but my dodo brain didn't realize that the initials are the same since without is 1 word.
Anyways, I do have a question .
Can someone create a c corp or some other business and play under that. If so can you give a tax Id instead of social on hand pays.
People might roll their eyes at thia idea but If this is possible I know you may pay more taxes in the long run but there may be other tax advantages for lower income people.
+1
I would also like to know this. You could take advantage of the tax laws because a c-corp's income tax rate is generally less than an individual's tax rate. You could then leave the money in the c-corp and grow the bankroll. A c-corp can offer all kinds of cool things for their shareholders/owners, like a pension plan, medical expense reimbursement, etc. which all are advantageous in a tax situation.
To get money out of your c-corp, you could either take a dividend (taxed at long term capital gains) or just take a standard W-2 employee salary. The latter may be more attractive because your salary becomes a deductible expense from the C-corp, and that W-2 income counts as 'earned' (working) income, for social security purposes.
Administrator
Would casinos try to withhold tax? If so, how would I get that tax back, assuming that no tax is actually due from me?
Would I have problems bringing my winnings out of the states? What would be the best way to get my winnings home?
Or you could try to avoid the withholding at the time of the win but I doubt you could. Showing a foreign passport demonstrates you are a citizen of that country but it doesn’t prove your are exempt from US taxes. You can be a US citizen and have a foreign passport.
There’s no issue with bringing cash home. But you are suppposed to declare it in some cases (for instance entering the USA with over $10,000).
1. I want to enlist a friend to play blackjack. They will risk no money, it will be just my bankroll. I don't play. I will pay them $20/hr. How will each of us fill out our taxes?
2. I want to enlist a friend to play blackjack. They will contribute 25% of the team bankroll and I will contribute 75% of the team bankroll. I don't play. I will pay them $10/hr. How will each of us fill out our taxes?
3. Same situation as question 1 except that video poker is now being played. W2Gs are generated.
4. Same situation as question 2 except that video poker is now being played. W2Gs are generated.
5. Same questions as 1-4, but at the state level. For example, the friend lives in a state with no state income tax, but is playing in a state with state income tax.
6. Do you pay taxes on gambling income from other countries? Can you deduct gambling losses from other countries?
7. A ship sails a few miles out from the US coast. We are in international waters. Gambling occurs. Do you report gambling wins and losses that occur?
As a US citizen you must report all global income on your tax return, regardless of how/where you got it or where you live in the world.
This is why some people renounce or attempt to renounce US citizenship. From the moment you’re born in the USA the IRS demands a piece of everything you’ll ever earn. They have the power to put you in prison, fine you huge amounts for honest mistakes, cancel your passport at their discretion.
7. A ship sails a few miles out from the US coast. We are in international waters. Gambling occurs. Do you report gambling wins and losses that occur?
FYI, the gambling boats I have been on out of FL & GA sail outside state-controlled waters (at 3 miles out), but are not in international waters (at 12 nautical miles out). Also, these boat as well as cruise ship casinos will issue W2-G's for handpays.
Administrator
If you have a single win significant enough to generate a tax withholding, I think the only way you might recover that is by getting a credit on your UK taxes for foreign taxes paid. You could try and claim it back from the IRS but they will probably want to see evidence that you have current year losses to offset the win.
Or you could try to avoid the withholding at the time of the win but I doubt you could. Showing a foreign passport demonstrates you are a citizen of that country but it doesn’t prove your are exempt from US taxes. You can be a US citizen and have a foreign passport.
There’s no issue with bringing cash home. But you are suppposed to declare it in some cases (for instance entering the USA with over $10,000).
Full treaty from IRS site https://www.irs.gov/pub/irs-trty/uk.pdf
Apparently I need to give a TIN number to the casino, which would probably my UK National Insurance number ( Which is like your US SSN )
But it does need some explanation. And I'd still like to know how to extract the funds to the UK. There are requirements to declare big sums of money to UK customs, but that does not mean they would be confiscated or taxed. Id just need to explain the source of such funds for money laundering purposes.
If they weren’t in cash you do a bank transfer (I do them occasionally between US and UK/others).
I kind of doubt the staff at the cashier cage are familiar with your UK National Insurance number or the fine points of US-UK tax treaties. But who knows.
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Sweden is a Scandinavian Nordic country located in Northern Europe and is the third-largest EU member-state. It’s divided into twenty-one counties and 290 municipalities, with a population of 10.2 million. The capital city of Stockholm is also the best for gaming – with three casinos offering poker rooms and hundreds of slots, table games, and video poker machines.
While gambling online in Sweden has been legal for some time – both at land-based casinos and online Swedish gambling sites – a new Gambling Act was passed in June 2018 and went into effect on Jan 1, 2019. Officials hope these new regulations reduce the use of unlicensed online operators, keeping more of the profits at home and taxable.
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We’ll analyze Sweden’s new laws in later sections, but it’s important to highlight that while these regulations may incentivize the use of locally licensed Swedish gambling sites, they do not criminalize the use of offshore options. Instead, the new rules mostly focus on gambling website operators and banking institutions, who they hope will block transactions to foreign domains.
This means you’ll still be able to turn to Swedish gambling sites which are licensed in other jurisdictions to find any markets unavailable within the country. However, doing so requires taking some calculated risks. Offshore sites offer far fewer consumer protections to gamblers, meaning you must make intelligent decisions concerning which foreign website(s) to use.
Why Are These Sites Recommended?
Our team of gaming experts has determined the Swedish gambling sites included in our list of recommendations to be the very best. We carefully research and review every potential recommendation based on a range of metrics which give us excellent insight into the quality of these operations. Thus, we can guarantee a top-notch gaming experience to all of the readers who use our lists.
We won’t bother you with every single variable and detail that goes into our comprehensive review process, but there are some specific qualities that all of our recommend share. Our team can confidently promise that any Swedish gambling sites found at LegitGamblingSites.com will always meet the following basic standards.
Legitimacy, Reliability, and Safety
When reviewing gambling sites in Sweden (or any other jurisdiction), there is no aspect more significant than legitimacy. Ensuring that all of our recommended Swedish gambling sites are safe and secure is our highest priority because the offshore gaming industry is plagued by scammers and unethical operators hoping to profit off novice gamblers’ lack of experience and knowledge.
Web-based gambling generates tens of billions of dollars per year in revenue, which attracts thieves and their very real-looking scam sites from every corner of the internet. Our team of experts is dedicated to identifying and blacklisting every rogue operation and selecting nothing but trustworthy online Swedish gambling websites to share with our readers.
Ease of Use
Sure, safety and reliability are the top priorities, but we also take numerous factors into account that merely affect the customer experience. For example, we study how easy a Swedish gambling site is to navigate, place bets on, and use with mobile devices.
Website design and navigation are particularly crucial for locations offering sports betting since there are time constraints caused by the odds coming off the board at the start of game time. Being able to locate and place a wager quickly will minimize – if not outright avoid – the frustration of missing your window to bet.
Friendly and Fair to Winners
Another focus of our efforts is ensuring that the Swedish gambling sites we approve are honest and fair in their treatment of winning gamblers. There’s a terrible trend in online gaming involving operators using outrageous claims and practices to cancel or reverse successful wagers.
We’ve seen website admins levy accusations of players cheating or being professional gamblers and then use these charges to rationalize voiding the bets. Our team works diligently to avoid sharing such domains. If you’re not allowed to be successful, what’s the point?
Valuable Bonuses and Loyalty Rewards
Lucrative deposit bonuses have become commonplace in the internet-based gambling industry. We even include them in our list of Swedish gambling site recommendations. Gaming providers gift new customers with free money early on, allowing novice players to test things out without dipping into their own bankroll. Lots of locations offer to match 100% or more of your first deposit, significantly increasing the size of your account before you ever place a single wager!
Loyalty rewards programs bring additional value to the table. After developing some fairly consistent gambling habits, your site will start awarding points and/or tiers that will determine the types of prizes available to you. These levels or point systems can be used to earn cash back to erase some of your losses or give you merchandise, free meals, gift cards, or anything else.
Is Gambling Legal in Sweden?
Yes, gambling is legal in Sweden, both at land-based locations and Swedish gambling sites. This includes casino games, sports betting, lotteries, bingo, poker, horse racing, slots, and other terminal-based machines.
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The country’s central regulatory entity is the Swedish Gambling Authority. Responding to pressure both from local gaming operators and the EU Commission, Sweden passed a transformative new gambling law in late 2018, which went into effect in early 2019. This new set of regulations introduced six new licenses, set new limits on bonuses, enacted greater consumer protections, and ended the monopoly on online gambling.
While the old rules allowed Svenska Spel to be the sole licensed online operator, the monopoly caused friction with major players in the gambling industry, who believed it violated the EU treaty. Despite Sweden consistently receiving favorable rulings from the European Court of Justice, the government realized the statutes needed an upgrade.
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Svenska Spel’s monopoly may have meant that there was only one online gaming operator with a Swedish license; there were no laws against citizens utilizing offshore gambling websites. As a result, the country saw significant sums of money crossing over its borders into jurisdictions like Malta, Cyprus, and Gibraltar.
These new regulations will allow private commercial operators to apply for Swedish licenses and lawfully service the nation’s residents. As a result of these legal pathways given to foreign site-owners, allowing them to offer action in Sweden, increased efforts are being made to prohibit unlicensed domains.
Gambling Winnings 2018
The Six New Types of License
Gambling Winnings In International Waters
- State-Owned/Monopolized License – Only state-owned providers like Svenska Spel are qualified for this permit that will regulate casino games, slots, and some lottery variations.
- Public Purpose License – This license is available to non-profit organizations exclusively and only allows for certain types of lotteries.
- Commercial Online Gaming License – This Swedish online gambling license allows private, commercial entities to legally offer casino games, slots, and bingo to Swedes online.
- Betting License – This license covers both offline and online sports betting in Sweden and is available to all commercial operators that meet the qualifications and apply for a permit.
- Commercial Land-Based Gaming License – Any qualified gaming corporation may apply for this license, which allows them to provide slot machines and card games in non-casino facilities like betting parlors.
- Cruise Ship Gaming License – Ships floating on international waters may apply for this license, giving them the right to operate casino games and slots onboard their vessels.
As for continuing to use offshore Swedish gambling websites in spite of the new statutes, it’s still possible for now but may become more challenging in the near future. Using unlicensed operators is not a criminal offense; however, several sections of the new bill address restrictions that Sweden is planning to impose on them.
While the individual gambler has nothing to worry about, the law plans to stop banking institutions from allowing transactions between Swedish citizens and illegal offshore gambling sites. It’s also possible that local internet service providers will eventually be tasked with blocking access to the unlicensed domains.
Sweden’s Primary Gaming Regulations
State Taxes On Gambling Winnings
- Swedish Gambling Act (2018)
- Swedish Gambling Tax Act (2018)
- Gambling Ordinance (2018)
- Regulations on license applications (2018)
- Regulations and advice on responsible gambling (2018)
- Regulations on exceptions from registration requirements (2018)
- Regulations and advice on state lottery and lottery for good causes (2018)
- Regulations and advice on commercial gambling and betting (2018)
- Regulations and advice on land-based commercial gambling (2018)
- Regulations and advice on gambling on ships in international waters (2018)
- Regulations and advice on technical requirements and the accreditation of bodies to test, inspect, and certify gaming operations (2018)
- Swedish Money Laundering Act (2017)
- Swedish Gambling Authority’s regulations and advice on the prevention of money laundering and financing terrorism (2017)
- Swedish Act on Payment Services (2010)
- Swedish Marketing Law (2008)
- Swedish Distance and Doorstep Act (2005)
- Swedish Consumer Services Act (1985)
Sweden’s History with Gambling
Gambling Winnings Reporting
Sweden began accepting licensing applications for the new regulations in August of 2018.
Frequently Asked Questions
Is gambling legal in Sweden?
Yes, all forms of gambling are legal in Sweden. As of January 2019, there are six available licenses covering the full range of gaming activities for private commercial businesses, state-owned operators, non-profit organizations, and cruise ships.
What are the risks involved with using an unlicensed gambling website from within Sweden’s borders?
Besides the potential dangers of using an unvetted, unlicensed site, there are no legal risks involved with using offshore gambling sites in Sweden. However, following the implementation of the new Gambling Act and related licensing regime, the gaming authorities may explore blocking the unlicensed domains and barring banking institutions from processing transactions between account holders and illegal gambling sites.
How will the gambling markets be divided amongst state-owned and private operators?
Online casinos and sports betting will be open to both domestic and offshore private commercial businesses.
Land-based casinos and gaming machines will remain under the government monopoly.
Lotteries and bingo will belong to non-profit operators for the purposes of fundraising.
Does Sweden tax winnings from gambling?
Yes, the new Gambling Act applies a flat 18% tax on gross earnings for all licensed gaming activities.
What are the age requirements for gambling in Sweden?
One must be 18 years of age to play with licensed operators online and at least 21 to enter land-based establishments.
Who licenses the regulated and legal online gambling sites in Sweden?
The Swedish Gambling Authority is responsible for licensing and supervising all six of the country’s legal markets.
Can I access one EU country’s legal online gambling site from Sweden?
Yes. For years, Swedish gamblers have turned to site operators in Gibraltar, Cyprus, and Malta for gambling activities not provided by the monopoly. With the new Gambling Act in place, licensed foreign websites may eventually be blocked, but there are no punishments for citizens who choose to continue visiting offshore providers.