Brian Lavoie wrote .....
Gambling winning in Canada are tax-free.
Not true. All winnings are taxable. Canada just doesn't issue W2-G forms.
In the US, if you somehow believe that an $1199 jackpot is not taxable and a $1200 jackpot is, the IRS would like to disagree. The $1200 limit just triggers the paperwork.
As for the $10,000 rule, that isn't how much you win. The rule applies to any cash transaction. If it's over $10K, there is a CTR form to fill out.
As for crossing the border into the US from Canada, if you have $10,000 or more in cash, you have to let them know. Doesn't matter where it came from. Doesn't matter if are going to conduct a transaction or not. It is a reporting rule, not a tax rule.
These are 3 different rules that often get confused.
ยทยทยท
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