Best Place To Be a Poker Pro? Taxes?
I know the US does like 35% poker tax + self-employment. Is Canada better? Hong Kong? The UK? I'm looking at having a bet taxes, not just any taxes.
Answers:
What 35% "poker tax?" No such animal. Gambling winnings are tax as ordinary income. Since you are presumably a US citizen it really doesn't matter where on earth you live or play. Your tax bill will be the higher of the US or the other country's taxes so you may freshly as well stay home and do it here.
(Only Hong Kong has potentially lower taxes than within the US but China changes its tax code close to most folks change their socks so it's a risky proposition. That's a moot point though since the US will tax your world-wide income regardless of where on earth you earn it. Canada and the UK will be quite higher than the US.)
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Answers:
What 35% "poker tax?" No such animal. Gambling winnings are tax as ordinary income. Since you are presumably a US citizen it really doesn't matter where on earth you live or play. Your tax bill will be the higher of the US or the other country's taxes so you may freshly as well stay home and do it here.
(Only Hong Kong has potentially lower taxes than within the US but China changes its tax code close to most folks change their socks so it's a risky proposition. That's a moot point though since the US will tax your world-wide income regardless of where on earth you earn it. Canada and the UK will be quite higher than the US.)
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