Re: [vpFREE] IRS Form 1040NR for Canadians

 

I'll be happy to answer this one. I just filed my 1040NR a couple of weeks ago.
When you fill out the form there is a special section for Canadians with gambling income.

All you have to do is put in your total losses on one line and your total winnings on the other line. You have to pay taxes on the net winnings and that is at the 30% tax rate. I'm fairly confident that you can't carry forward losses. There are no personal exemptions that I am aware of
for this type of income.
For example . If your losses on the year were $21000 and your winnings were $22000 you would owe them $300.

The way I keep track is on a per day method. At the end of every days' play in Las Vegas I write down my net results for that day, and then total them up at tax time. I've never had a problem.

Regards
A.P.
From: "lasvegaspilgrim@gmail.com" <lasvegaspilgrim@gmail.com>
To: vpFREE@yahoogroups.com
Sent: Friday, January 31, 2014 5:17:51 PM
Subject: [vpFREE] IRS Form 1040NR for Canadians

 
Guessing I'll be the first one to ask about this topic this year, since w/l info. from CZR is finally up. Very nice that Boyd and Stations and Palms had their info up very early this year.

Have returns to file for 2012 (big losses and one tax slip) and 2013 (very small net win --few hundred--and couple tax slips)

Since I'm behind a bit in filing (assume since I have no net US income for 2012 I won't get a penalty for filing late, but regardless too late to worry about it), I'm out of practice on this. 


Questions

1) Are Canadians tax-treaty exempt on US gambling income?  
2) Assuming answer to 1 is no, could I carry forward 2012 losses to 2013?
3) Assuming answer to 2 is no, is there a personal exemption that can be used to offset income?  

I know I have the forms, and might be able to twig it out, but figured someone around here would KNOW.  And I will file all paperwork well before April 15th, this year, I promise :)

Thanks to all!!




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[vpFREE] IRS Form 1040NR for Canadians

 

Guessing I'll be the first one to ask about this topic this year, since w/l info. from CZR is finally up. Very nice that Boyd and Stations and Palms had their info up very early this year.


Have returns to file for 2012 (big losses and one tax slip) and 2013 (very small net win --few hundred--and couple tax slips)

Since I'm behind a bit in filing (assume since I have no net US income for 2012 I won't get a penalty for filing late, but regardless too late to worry about it), I'm out of practice on this. 


Questions

1) Are Canadians tax-treaty exempt on US gambling income?  
2) Assuming answer to 1 is no, could I carry forward 2012 losses to 2013?
3) Assuming answer to 2 is no, is there a personal exemption that can be used to offset income?  

I know I have the forms, and might be able to twig it out, but figured someone around here would KNOW.  And I will file all paperwork well before April 15th, this year, I promise :)

Thanks to all!!


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[vpFREE] LVRJ: Bill's Gamblin' Hall now The Cromwell

 

LVRJ: Bill's Gamblin' Hall now The Cromwell

http://www.reviewjournal.com/business/cromwell-latest-name-caesars-entertainment-property-las-vegas-strip

or

http://tinyurl.com/na7ha54

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[vpFREE] Re: General Odds

 

I agree 100% that casinos SHOULD be giving the factors you mention consideration and incorporating that consideration into how their slots hold money.  But I'm not really convinced that casinos are doing a very good job of understanding these factors and/or controlling/managing them.

As I once told a politician who was touting the responsiveness of a governmental agency, "I think you've greatly overestimated the sophistication of the people doing this work".

--BG
=================


1b. Re: General Odds
        Date: Thu Jan 30, 2014 12:26 pm ((PST))

I've always assumed that there's a "real dollar" influence to the holds and variance that the casinos set vis-a-vis the players for those machines. If you manage to hold $50 off a penny slot in 30 minutes you might have just blown grandma's budget for the whole trip, while that real dollar loss for a $5 player is less significant. I know that some people will reply that "a percentage is a percentage" but slot technology has come a long way, there has to be a time element to the range of std deviation that they are incorporating.

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[vpFREE] Re: Anyone filed Schedule C in Kansas?

 

We went there in 2013 and had some withholdings, can out of state gamblers file something to get it back?

Dave

--- In vpFREE@yahoogroups.com, <cy4873@...> wrote:
>
> v p player
>
> I checked the KS website and the 2013 tax booklet. You can deduct gambling losses in 2013. In 2014 you will not be able to deduct gambling losses. There is a change for 2013 that affects gambling losses and other itemized deductions. You will only be allowed to take 70% of your itemized deductions except for charity which will remain at 100%. Your taxable income will be taxed at a lower rate, but obviously this will not help much if you have a bunch of W-2s. Good luck with the Schedule C play. No more gambling in KS for me!
>
> Chris
>

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[vpFREE] RE: Anyone filed Schedule C in Kansas?

 

v p player

 

I checked the KS website and the 2013 tax booklet.  You can deduct gambling losses in 2013.  In 2014 you will not be able to deduct gambling losses.  There is a change for 2013 that affects gambling losses and other itemized deductions.  You will only be allowed to take 70% of your itemized deductions except for charity which will remain at 100%.  Your taxable income will be taxed at a lower rate, but obviously this will not help much if you have a bunch of W-2s.  Good luck with the Schedule C play.  No more gambling in KS for me!

 

Chris

 

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[vpFREE] Scot Krause's LVA Players Club Bonus Points Update - 30 JAN 2014

 

Scot Krause's LVA Players Club Bonus Points Update - 30 JAN 2014

http://www.lasvegasadvisor.com/greatdeals-slotpromotions.cfm

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Re: [vpFREE] Re: General Odds

 

I've always assumed that there's a "real dollar" influence to the holds and variance that the casinos set vis-a-vis the players for those machines. If you manage to hold $50 off a penny slot in 30 minutes you might have just blown grandma's budget for the whole trip, while that real dollar loss for a $5 player is less significant. I know that some people will reply that "a percentage is a percentage" but slot technology has come a long way, there has to be a time element to the range of std deviation that they are incorporating. 

On Jan 30, 2014, at 8:35 AM, Barry Glazer <b.glazer@att.net> wrote:

 

If you're playing penny slots at $2-4 per pull and $1 slots at $5 per pull, while the hold figures will still be as shown in the document, the short term variance could very easily show not much difference, or a reverse experience.

Also, don't forget that a higher denomination is not always a lower hold; these are general figures.  I routinely go to casinos and find $1 VP with "full pay" (9/6) Jacks or Better, and when I check out the high stakes gaming area, the $5 (and up) VP may have 8/5 Jacks or Better.  I've never understood the casino rationale for this, except perhaps (1) reduced risk of loss to high stakes players and (2) because they can get away with it, apparently, or don't really expect to get any meaningful action on such machines.

--BG
===================

   2a. General Odds
   
We were in the local MGM casino in Detroit a few weeks ago and saw this Casino House Advantage & Expected Loss sheet. Nothing that the savvy player here don't know, but it was a good reminder to us not to stray too far in the direction of the more fun games because the casino hold really goes up! I went online to find it so I wouldn't have to type it all in:

http://www.americangaming.org/sites/default/files/uploads/docs/odds_brochure_2012.pdf

I'm not sure I believe that the Penny slots are more than double the hold of dollars, as when I stray from VP, my money seems to last the least at $5 slots, then $1 slots, but I can play a longer time (even at $2-$4 per pull penny slots) on penny's. But that may be short term variance.


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[vpFREE] Re: General Odds

 

If you're playing penny slots at $2-4 per pull and $1 slots at $5 per pull, while the hold figures will still be as shown in the document, the short term variance could very easily show not much difference, or a reverse experience.

Also, don't forget that a higher denomination is not always a lower hold; these are general figures.  I routinely go to casinos and find $1 VP with "full pay" (9/6) Jacks or Better, and when I check out the high stakes gaming area, the $5 (and up) VP may have 8/5 Jacks or Better.  I've never understood the casino rationale for this, except perhaps (1) reduced risk of loss to high stakes players and (2) because they can get away with it, apparently, or don't really expect to get any meaningful action on such machines.

--BG
===================

   2a. General Odds
   
We were in the local MGM casino in Detroit a few weeks ago and saw this Casino House Advantage & Expected Loss sheet. Nothing that the savvy player here don't know, but it was a good reminder to us not to stray too far in the direction of the more fun games because the casino hold really goes up! I went online to find it so I wouldn't have to type it all in:

http://www.americangaming.org/sites/default/files/uploads/docs/odds_brochure_2012.pdf

I'm not sure I believe that the Penny slots are more than double the hold of dollars, as when I stray from VP, my money seems to last the least at $5 slots, then $1 slots, but I can play a longer time (even at $2-$4 per pull penny slots) on penny's. But that may be short term variance.


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[vpFREE] RE: General Odds

 

The misleading thing about penny slots vs $1/$5 is that for any given amount of coin-in, you cycle through many more plays on pennies.  This has the consequence of getting you to the "long term" on pennies much faster, smoothing out your sessions and indeed giving you longer play on your session bankroll with some consistency.

But if you keep accurate records over the long haul, odds are you'll find that you typically see a higher return on $1/$5 slots over time.

I play a casino that doesn't permit play of free play on vp -- it can only be played on slots.  From the start, I've played my FP through on $5 slots (2 coin).  All too often I cash out less than 50% of my bonus (once only 10%).  However, I've also hit for $1600 and $7200.  Over the course of 20 months, I've cashed out 98% of my FP.

- H.

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[vpFREE] Re:mystery multiplyer at coast

 

> From: Scott Norwood <magnum0829@yahoo.com>
>
>Maybe someone can answer this. If you were to go to another Boyd property on the same day, could you get another bonus multiplier or would you just get a "normal" tier level bonus?  Guess I'm trying to say would that 60k max bonus apply across all Boyd properties as a daily max, or just to a specific property.

I don't know the answer to this for sure, but it appears that the four Coast properties are managing their multipliers independently. On Wednesdays you can get a different Senior multiplier at EACH property. And there is a 10k max on base points at EACH property, except Suncoast which appears to have no max on base points. 

By the way, I don't see anything in the official rules posted on their website about the 60k max bonus. It does mention the 10k max base points.

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[vpFREE] General Odds

 

We were in the local MGM casino in Detroit a few weeks ago and saw this Casino House Advantage & Expected Loss sheet. Nothing that the savvy player here don't know, but it was a good reminder to us not to stray too far in the direction of the more fun games because the casino hold really goes up! I went online to find it so I wouldn't have to type it all in:

http://www.americangaming.org/sites/default/files/uploads/docs/odds_brochure_2012.pdf

I'm not sure I believe that the Penny slots are more than double the hold of dollars, as when I stray from VP, my money seems to last the least at $5 slots, then $1 slots, but I can play a longer time (even at $2-$4 per pull penny slots) on penny's. But that may be short term variance.

Dave

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[vpFREE] Re: mystery multiplyer at coast

 

I don't think your observation is limited to Las Vegas :)

But I don't always follow this rule myself, and occasionally pay the price, as in the scenario initially described in this thread.

And when I do go to the rewards desk, I also often find that the "first contact" person has to go check with a supervisor to answer my questions -- but once I'm dealing with them, I get pretty insistent that I get a firm answer from someone before I try to play on the offer, and if they don't have any printed material on the details, I'll often ask the supervisor for a business card, so I can at least say who told me whatever I was told (I may also let them see me write on their card what they've said and ask them to confirm I wrote it down correctly), when the time comes to fuss over not getting what was promised. 

Just a month or two ago I had a mail coupon for a big multiplier, and the rewards desk sent me to the promotions desk, which was empty, and then I was back to the rewards desk, of course, and they had to "check it out and make some calls" and get back to me -- finally I got a call on my cell from the supervisor telling me the mailer was not for all Harrahs properties, and did not apply to theirs.  At least I found out before I wasted any action on their games that day.

I also recently got a decent cash settlement from an un-named phone company (un-named as part of the settlement) for problems after getting a new phone line for my mother, and then trying to get a correct outgoing message for those who called her discontinued old number -- after ten hours of repeated calls, literally dozens of phone calls and promises of "this time we'll get it fixed" - often from supervisors - for something that should have been handled correctly the very first time, and in less than ten minutes, in my opinion.  I didn't have the documentation I should have had of who I'd spoken to each time, or I could have probably gotten even more.

And if it gets to the point where they aren't doing what they promised (with any business, not just casinos) my line is "I think you need to make this right, whatever it takes.  What I think you should do to make this right is.... and furthermore, for the trouble I'm encountering over this, I would hope  you'd do something more, since I shouldn't have to jump through all these hoops to get you to do what you promised."  Always "ask" for something substantial, not just a token to "make it right" -- the worst that can happen is they'll turn you down, and if you're at all reasonable in your request, and somewhat nice about it, they'll often at least offer you a nice comp or something to try to make you happier.  But, I've learned the hard way that taking notes and taking names, and then using that data to demonstrate that you are reasonable in your request and they have messed up, is essential to effective complaining when things go wrong.

One trick I once read was, when you want to complain about a clueless employee, ask them who you can talk to in order to express your pleasure with their great service.  One phrase might be, "Thanks so much for your help.  If this works out as you've described it / promised, I'll be thrilled, and would like to know who I can speak to, to tell them how helpful you've been."  And if you feel a little threat might help, after getting that name, add "and of course, if it doesn't work out, I might like to tell them about that too."  With the last phrase, you'll often get "if there's any trouble at all, come back and see me and I'll be sure it gets fixed".

A friend of mine, long ago, said that most businesses could and should make a good profit if they'd just simply do what they say they are going to do and keep their word -- whether it's a hotel or car rental reservation, or anything else.

--BG
==================


1g. Re: mystery multiplyer at coast
    Date: Wed Jan 29, 2014 5:14 am ((PST))

Are you talking about Las Vegas boothlings?  It's been my experience that they seldom know things like point limits.  I know one of the casinos disclaimers is to see slot club for details.  It's amazing how often I have done just that and been met  by boothlings with no answers and no printed information to give the customer.


> On Jan 28, 2014, at 5:33 AM, Barry Glazer <b.glazer@att.net> wrote:
>
> My only suggestion is to always go to the rewards desk AHEAD of time and ask if there are any catches / limits / etc. >>>>>>>>>>>>>


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