Taxes on overseas gambling winnings?
Asked by: vpalmer
If an American were to win say $ 10,000 in Monte Carlo and spent all he winnings while on the trip, would she have to report that money on her tax return?
***** Gambling winnings are considered income regardless of how those winnings are spent.
Even if the money never makes it back to the US?
If so, how would it be taxed? The money is in Euros. Would it be based on the value in USD when it was won, or when the returns are filed?