As a US causal gambler, who isn’t in the business of gambling, winnings are fully taxable and you must report income on your tax return.
Gambling income includes but isn’t limited to winnings from:
· Horse races
The fair market value of prizes such as cars and trips are also taxable.
The company, organisation or person awarding the money or prize is required to issue you a Form W-2G , Certain Gambling Winnings, if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding.
You may deduct gambling losses only if you itemize your deductions on a Form 1040, Schedule A. The amount of losses you deduct cannot be more than the amount of gambling income you reported on your return.
Under the U.S. Tax Treaty, as a UK citizen you are not required to pay tax on your winnings. You can use a Form 1040NR to claim the amount back.
Contact us for advice on US Gambling tax as a US, Canadian or UK citizen.
As an American citizen living abroad, you can have a number of tax obligations to the IRS. One of them being filing an annual Federal and State Tax return, alongside submitting an FBAR. The major US tax deadlines are listed below:
As a US citizen you have many tax obligations, such as reporting all foreign income and filing a federal tax return. We are regularly contacted by US expatriates based across the globe that are considering renouncing their citizenship. When you renounce your citizenship you are no longer expected to declare your worldwide income to the IRS. However, there are a number of reasons why renouncing your citizenship is not always the best decision as a US expatriate.
The MET Gala, formally call the Costume Institute Gala, is an annual fundraising event for the benefit of the Metropolitan Museum of Art’s Costume Institute in New York City. The proceeds of the event are mostly used to fund the museums exhibitions, acquisitions and capital movements.
The US expat community had huge press coverage last week; over 300 accidental Americans residing in France have filed a class act again banks that uphold the FATCA, citing discrimination. The act has been triggered by the accidental Americans difficulty receiving loans and opening bank accounts, due to FATCA.
A Foreign Bank Account Report (FBAR) is a form that must be filed with the Financial Crimes Enforcement Network (FinCEN) In order to report foreign financial accounts.
If you have made energy saving alterations to your home during 2017, you are able to claim costs of the alterations on a Form 5695.
As an American living abroad it is essential that you stay in like with your US tax obligations in order to avoid unnecessary penalties and stress. This article offers a guide on what documents American Expats need in order to file their US expat tax returns. These documents are not only necessary to finalize your US expat tax return, but also to protect yourself in the event of an Audit from the IRS.
As a American living in the UK it is normal and expected to become homesick from time-to-time. While the Americans and English have many similarities in terms of lifestyle and interests, there are always going to be some differences that are likely to make any American feel slightly homesick.
Britain may well have one of the best tea selections in the work, however many Americans wake up craving nothing but an an omelet and a hot cup of filtered coffee.
Below we have put together a guide on London’s top spots for any homesick American living in the London:
Under the Tax Relief and Job Creation Act of 2010, the energy efficient appliance credit was modified and extended. This means that tax credit can be claimed for each type of qualified energy efficient appliance produced by the taxpayer during the 2011 calendar year ending with or within the taxpayer’s taxable year.
As an SME in the Creative Industry in the United States, they are eligible to certain tax reliefs. Like all SME’s in the US, an enterprise is eligible to a tax deduction for qualifying charitable donations.