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
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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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