I understand that in the US you are taxed on gambling winnings, and the casino withholds a portion of a jackpot. How much? What if your not American?
Casino withholds portion of winnings for tax?Anything over $1200 in a handpay,so one win of over $1200. You still must pay and then the following tax year you need to do a non resident tax form and you should get most if not all your money back. The casino has these rules to anyone it is up to you to get the money back.
Casino withholds portion of winnings for tax?May you be so lucky.
As a Canadian, should you win $1200 or more on a slot machine 30% will be withheld at the casino, you can file a 1040NR US tax return to get the tax back after you have applied for a ITIN (individual tax identification no.) There are agencies that will do this for you for a fee, but it is not that difficult to do yourself.
Good Luck!
';Anything over $1200 in a handpay,so one win of over $1200.';
ALL gambling winnings are taxable, not just that part that%26#39;s over and above the first $1200. $1200 is just the threshhold that%26#39;s used by casinos above which a single slot or VP payout is automatically taxed. Your nationality isn%26#39;t especially relevant, the place where you%26#39;re a taxpayer/resident is.
As has been said on this forum many times previously, the best place to get advice on this subject is somebody who deals with this professionally. You should however apply for an IRS Taxpayer Number in order to speed up any return of taxes should you be lucky enough to win.
http://www.irs.gov/pub/irs-pdf/fw7.pdf
Blagger, sorry to differ with your advice, but after speaking to an IRS agent initially on my first attempted return, as a Canadian for US tax purposes, all the info that they require is what you have actually invested and the 1042-S slips issued for any win $1200 or more, not interested in any small wins that you may have…perhaps I was misinformed but have filed annual US tax forms for years and have never had a problem.
loveslv, I know what you%26#39;re saying about smaller wins though they would be included and relevant if you were using an annual win/loss statement issued by a casino for tax purposes.
I was just pointing out that your post was a little ambiguous and perhaps suggested that if you had a win of say $2500, only $1300 of it would be taxable. I was trying to confirm that the entire amount was taxable, not that over and above $1200.
May you be so lucky
Got to second that!
Sorry if I didn’t make myself clear, I did mean ANY win $1200 or more was taxable in it’s entirety. :)
Thanks for all the info. It sounds like a win loss statement prepared by the casino is a good idea to have. Even if I win a jackpot, I%26#39;m sure I had to pump alot into the machine first.
C0ld in Canada, in order to get a win/loss statement you need to use a players card for all your gambling. You can usually access your win/loss statement using the players card website.
No comments:
Post a Comment