How to get tax refund for retired gamblers?

xaviermorin22

newbie

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Hi all,
I really wasn't sure that this was an entire new concept for you'll.
Anyways , I'll explain.
This mainly focuses on the visitors to US. i.e the non US residents who win in gambling or a big jackpot. For example You win $10000 in a gambling . Now the Casino will apply 30% withhold tax , which will leave you back with $7000 as per IRS. So there is a way to get back this 30% without any complications. Only the thing required is the form 1040NR, collect it before leaving the casino. There are many tax refund services who can help you with this.

Quote from: DaveSaldana123 on November 11, 2014, 06:25:12 AM

There is no such thing as retirement in gambling.

Yes exactly.... This means retirement is a stage where people want to enjoy. You gamble , you win and you lose a 30 % of the win, it really sounds bad. Hence just a bit emphasizing for the retired people who love gambling .

Miitch

full member

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Tax on Bitcoin Gambling? - you are doing it wrong Undecided

adaseb

legendary

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Yes but what is said in that article is common sense.

You make a million dollars and you lose a million dollars. Why would you pay taxes for winning the million dollars if you lost it.

RodeoX

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The revolution will be monetized!

That is weird? I can't wait to get rich losing at the casino! Cheesy

Omikifuse

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Quote from: Snail2 on November 11, 2014, 03:30:19 PM

Tax refund on gambling losses

? That's pretty cool. Like boozers asking for compensation from the state for their ruined liver (actually they paid lots of tax)

.

tax refunds on losses only if you already paid taxes for winnings.

Think about taxes and stuff while gambling is boring and spoil all the fun, this is why I prefer play with bitcoins

kashish948

legendary

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I dont think theres anything like tax refund on gambling! Would change the odds completely and make games like blackjack profitable!

Snail2

legendary

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Tax refund on gambling losses

? That's pretty cool. Like boozers asking for compensation from the state for their ruined liver (actually they paid lots of tax)

.

2dogs

legendary

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OP isn't very clear on this topic, but perhaps this is what he is trying to say:

A tax refund may be forthcoming if you are a NR and have paid a tax on gambling winnings (perhaps withheld at the time of winning).

That may or may not be true - in determining the NET tax - depending on other income and how the rest of the 1040NR is completed.

In addition, the 1040NR applies to all gamblers, not just "retired" ones. Cheesy

2dogs

legendary

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Form 1040NR is the US Nonresident Alien Income Tax Return:

http://www.irs.gov/uac/Form-1040NR,-U.S.-Nonresident-Alien-Income-Tax-Return

Schedule NEC, line 18.
Lines 10a Through
10c—Gambling
Winnings-Residents of Canada
If you are a resident of Canada who is
not engaged in the trade or business
of gambling, enter all gambling
winnings on line 10a. Include
proceeds from lotteries and raffles.
Do not include winnings from
blackjack, baccarat, craps, roulette, or
big-6 wheel. You can deduct your
U.S. source gambling losses to the
extent of your U.S. source gambling
winnings. Enter your gambling losses
on line 10b. Enter your net gambling
income on line 10c, column (c). If
line 10b is more than line 10a,
enter -0- on line 10c. A net loss from
gambling activities is not deductible.
Line 11—Gambling
Winnings-Residents of
Countries Other Than Canada
Residents of one of the following
countries who are not engaged in the
trade or business of gambling enter all
gambling winnings on line 11, column
(d), specifying 0%: Austria, Belgium,
Bulgaria, Czech Republic, Denmark,
Finland, France, Germany, Hungary,
Iceland, Ireland, Italy, Japan, Latvia,
Lithuania, Luxembourg, Netherlands,
Russia, Slovak Republic, Slovenia,
South Africa, Spain, Sweden, Tunisia,
Turkey, Ukraine, United Kingdom.
Residents of Malta who are not
engaged in the trade or business of
gambling enter all gambling winnings
on line 11, column (a).
Residents of other countries who
are not engaged in the trade or
business of gambling enter all
gambling winnings on line 11, column
(c).
Include proceeds from lotteries and
raffles. Do not include winnings from
blackjack, baccarat, craps, roulette, or
big-6 wheel. You cannot offset losses
against winnings and report the difference.

unamis76

legendary

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Tax for gambling? Quite odd.

DaveSaldana123

full member

Activity: 135

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A.K.A The Black Marvel

There is no such thing as retirement in gambling.

adaseb

legendary

Activity: 3808

Merit: 1723

Hmm, never heard of this either.

What county are you from exactly? I am guessing the USA but seems new to me.

finlon

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Merit: 250

Quote from: xaviermorin22 on November 11, 2014, 05:29:17 AM

Retirement is the best time you can enjoy. It is a time which is completely used for one's happiness. So if you love gambling and you face issues related to tax this post may help you.
If you have planned a trip and you want to go for a gambling, first of all know the rules of that area. Identify if it is a legal or illegal gambling. And Once you check these things you can go for it. And after you winning, see to it that you take form 1040NR which talks about the losses due to tax. The casino provides you with this form. So see to it that you collect it from them. Then comes the role of Tax recovery professionals. They can help you with the rest of the process. On an average it may take 12-15 weeks to get back the refund. Enjoy your retirement without the worry of losing tax on gambling.

Never heard of anyone applying for a tax back for gambling.

xaviermorin22

newbie

Activity: 2

Merit: 0

Retirement is the best time you can enjoy. It is a time which is completely used for one's happiness. So if you love gambling and you face issues related to tax this post may help you.
If you have planned a trip and you want to go for a gambling, first of all know the rules of that area. Identify if it is a legal or illegal gambling. And Once you check these things you can go for it. And after you winning, see to it that you take form 1040NR which talks about the losses due to tax. The casino provides you with this form. So see to it that you collect it from them. Then comes the role of Tax recovery professionals. They can help you with the rest of the process. On an average it may take 12-15 weeks to get back the refund. Enjoy your retirement without the worry of losing tax on gambling.

Topic: How to get tax refund for retired gamblers? (Read 1143 times)