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Wins over $1200 for us canadians?

Discussion in 'Casino Gaming' started by Jordan, Oct 24, 2013.

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  1. Jordan

    Jordan Caveman

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    Anyway to avoid the casino withholding 30% of your handpays over $1200 on the machines for us Canadians?
     
  2. sandman748

    sandman748 Low-Roller

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    nope. it sucks. we dont have the option to not pay the taxes.
     
  3. Jordan

    Jordan Caveman

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    Are US Citizens also required to pay the 30%?
     
  4. thecarve

    thecarve Misanthrope

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    For us, winnings are taxed as normal income. So, the rate corresponds to the tax bracket we’re in. The state gets its share too. But nothing is withheld from the actual jackpot at the casino – we just have to pay it whenever we pay our taxes.
     
  5. Jordan

    Jordan Caveman

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    So Basically you guys get the equivalent of a Canada T4 (statement of earnings we get from an employer) stating that you "earned" xxx dollars and have to declare it as income when tax time rolls around? And of course, you can offset it as income by showing losses?
     
  6. thecarve

    thecarve Misanthrope

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    Yes and yes. Though, I believe some states don’t let you offset the income with losses for state tax purposes.
     
  7. Jordan

    Jordan Caveman

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    Thanks for the replies, there goes my pipedream of tapping a random person on the shoulder and asking them to claim my hand pay for $20-50 :(
     
  8. sweetcanadian

    sweetcanadian High-Roller

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    Don't try and cheat the tax man. Worst move out there. You would be caught awfully fast if someone happened to be watching you at that exact time. I would never trust a stranger with a large sum of money either, there is nothing stopping them from running away with it.
     
  9. Luckybee

    Luckybee Tourist

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    Why would you go to that trouble, when instead, if you have losses as well you can simply file a US return and offset wins against losses.

    We've been doing that for yrs and always get the $ back (except 1 yr when we actually ended up ahead...and then we didnt mind...lol)
     
  10. moefoe81

    moefoe81 Low-Roller

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    You can claim it back. You can file paperwork for it or get a company to do it (then you pay them by credit card) and then they would mail you the chq. Not that big of a deal. I am from Canada also

    Ernie
     
  11. dernsky

    dernsky Low-Roller

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    it works great. its like a little bonus a year later:beer:
     
  12. Jordan

    Jordan Caveman

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    So it has to be done at tax time? US or Canadian Tax time?
     
  13. anonanon

    anonanon Low-Roller

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    I wish I ever won enough that I had this sort of problem :( lol
     
  14. Letsdoit

    Letsdoit Low-Roller

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    Hi GChrome,

    It is done after Jan 1, 2014. I dealt with a company out of Toronto http://refundmanagement.com/ that has given me a great service.

    It may be a pain in the ass at the beginning as you need to Certify your passport in order to get your ITIN number from the IRS.

    Once you get this number all future tax returns are easy and processed within six weeks.

    The standard rate RMS charges is 25% of the witheld amount. So if you won 2000$ and 600$ was withheld, they'd take a 150$ cut.

    I learned that the more you win, the more bargaining power you have with them.

    Cheers:peace:
     
  15. Letsdoit

    Letsdoit Low-Roller

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    And, like Dernsky said, it gives you bonus $$$$ for a May trip. That is what I do every year.

    Inbox me and I'll give you my contact's e-mail address.
     
  16. Luckybee

    Luckybee Tourist

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    You can file anytime after Jan 1st (or as soon as the 1040NR form is available on the IRS website)

    You first have to apply for a ITN number. Follow the directions on the IRS site to obtain. Once you have that filing is easy. Contrary to some opinions on here I wouldnt bother with a service. Both dh and I have had some pretty large holdbacks and we've always received our refunds(though we have had to wait months and months for the larger ones because of the IRS review process ie 5 figure refunds ). I guess from my point of view Im not so inclined to pay someone to do the IRS form when its easy to do it myself. You dont fill out the entire form if you're only declaring gambling wins/ losses, rather its a much simplified version. In other words it isnt like doing your own full Rev. Can return !
     
  17. Jordan

    Jordan Caveman

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    Awesome information all, thanks....

    One more Q, how do I prove losses?

    Thanks
     
  18. Letsdoit

    Letsdoit Low-Roller

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    Your welcome.

    Getting an ITN number is not as easy Luckybee said it would be. They have changed their procedures in the issuance of them last year.

    Good luck on your refund!

    Cheers
     
  19. richardinbc

    richardinbc Low-Roller

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    win loss statements

    GChrome you must get a win-loss statement from the casino,s that you have losses at. these are available after January 1. Only slot losses apply and you must have used your players card as this is how they track you. My wife and I have joint card and they accepted the whole loss against my win.

    I have non toll free number to the IRS and this worked wonders when I did my return. 1-215-516-2000.

    I believe this number was too the department that issued the temporary tax number.

    You can do it yourself
     
  20. Luckybee

    Luckybee Tourist

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    As I said, the IRS website provides clear instructions. Depending on where in Canada you live ie : if close to the border its a simple matter of attending , form in hand to a US IRS office, you can use a Canadian acceptance agent, or lastly submit original doc's by mail. With the new procedures the itn is only good for 5 yrs unlike the previous ones which were permanent.

    Sorry but I think it is pretty easy, and certainly not worth what could for some be thousands of $ to use a refunder. I was being polite before but quite frankly the reason these companies make big $ is they tell people how difficult it is to do these things on their own when all it isnt at all. The first yr will take a bit more time (because of the itn and getting the hang of it) but once you've done one its a piece of cake.

    Only one for us that was difficult as I said before was waiting and waiting and waiting for one refund that got held up in the review process (they had to match the casino submissions to our forms) but it was a very large refund.
     
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