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Taxes on overseas gambling winnings?

Asked by: vpalmer 292 views YA Discussion

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?

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2 Answers



  1. MDawn on Jan 12, 2013 Reply

    I would say no.

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  2. card-ron on Jan 12, 2013 Reply

    Yes she would. Gambling winnings are considered income regardless of how those winnings are spent. She might be able to claim gambling losses if she itemizes deductions.

    Edit to add: Yes, even if the money never makes it back to the US. US citizens are taxed on worldwide income even if that income is never brought back to the US. Yes, it would be based on the value in USD when it was won. If Monoco taxes were also paid on the winnings, some or all of the US tax may be eliminated by claiming the Foreign Tax Credit.

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