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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