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Old 04.04.2012, 18:30
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Re: Tax for winning a bet

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Yes, of course. I think I knew too. Perhaps I was just looking for a way to avoid it, legally of course.
Oops, sorry, I don't do that. I do my tax declaration in full honesty. Not my nature to think in those ways.
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Old 04.04.2012, 18:32
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Re: Tax for winning a bet

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I think there is a bit of misinformation here. I believe that in the case of a US person receiving US$, they can receive as much as the giver gives, but the donor (giver) has to take care of the taxes. Right now, the amount tax free is $13,000.

from the IRS website FAQs on gift taxes:
Who pays the gift tax?
The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.

here is the source

but this is probably a moot point if both parties are here in CH?

Do you know if that automatically means the receiver does not have to report as income, and it is not taxed at all?
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  #23  
Old 04.04.2012, 18:32
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Re: Tax for winning a bet

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To my amazement, I actually know the answer to that question for Basel Stadt. Between two private persons, it's a gift. You have to put the sum in the little square for gifts in your tax declaration.
who puts it in the tax declaration - the receiver of the gift? In case someone decides they want to give me a large sum of money, I'll know how to handle it
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Old 04.04.2012, 18:36
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Re: Tax for winning a bet

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Do you know if that automatically means the receiver does not have to report as income, and it is not taxed at all?
I am not sure but check out this link: http://www.irs.gov/businesses/articl...200722,00.html

It is about gifts from foreign persons...
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