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Old 11-28-2006, 08:00 PM   #22
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Default Re: Are prize money subject to tax?

Quote:
Originally Posted by ezekiel View Post
Florida and Monte Carlo don't have income tax so I guess many players live there as well as Miami and MC tournaments are well placed and covered . But other parts of Europe have insane taxes to fund those socialist programs especially scandinavia, germany and france . Most American players are reluctant to play there
Whatever local tax a player has to pay on their winnings abroad they get a credit on their US federal income tax.

Quote:
Originally Posted by Lee View Post
I forgot. As long as you are US citizen, it doesn't matter where you live though. Right? You still have the pay the federal tax or at least the difference if US tax is higher than where you live.
If you live the entire year outside the US and earn 100% of your income outside the US that year you are exempt from US federal tax for that year.
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