Dear Sir
the casino took from me $375 form my
wining
I'm Canadian, can you help me get this
money.
david ingram replies:
We can, but our fee will likely be too much for you.
-------------------
These older questions will answer yours.
SirsDo you provide a service to recoup the 30% withholding tax from the IRS.If so what are your charges to do the work in total or to provide some advice to overcome the pitfalls (ie Article number of the Tax Treaty)
-----------------------------------------------------------------------------------------
david ingram replies:
WE CAN PROVIDE THAT SERVICE but The 30% tax is only recoverable if you have in fact lost money in your gambling. OLDER QUESTIONS FOLLOW
QUESTION:
I recently had taxes withheld on slot machine wins in Reno, NV. I understand, as a Canadian resident, that I can apply to have the taxes refunded. Do I have to wait until the calendar year ends to apply?
Thanks!
=============================================
david ingram replies:
You have to wait until 2008 for a 2007 refund but you have to have gambling losses to offset gains to get a refund.
The following is the answer to an older question.
As a non US citizen, you must file a 1040NR along with a form W7 to get an ITIN (Individual Taxpayer Identification Number).
The following is a previous answer given in January to someone who had received a W2G for a win of $1,200.
We can help you.
===============
older answer
For non-residents of the United States, the withholding is 30% of wins of $1,200 or more. You would file a 1040NR to report the winnings and claim
your losses as itemized deductions.
Remember that reporting just your win of $2100 and claiming gambling losses does not make sense. If you won $2,100 (or any other amount) and lost that
much, there were more winnings in between which should be reported even if a slip was not issued.
Non-residents do not usually get a W2-G - they are issued a 1042-S
david ingram
IRS TAX TIP 2004-33
GAMBLING INCOME AND EXPENSES
Hit a big one in 2003? With more and more gambling establishments, the IRS reminds people that they must report all gambling winnings as income on their tax return.
Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes.
Generally, if you receive $600 ($1,200 from bingo and slot machines and $1,500 from keno) or more in gambling winnings, the payer is required to issue you a Form W-2G. If you have won more than $5,000, the payer may be required to withhold 27% of the proceeds for Federal income tax. However, if you did not provide your Social Security number to the payer, the amount withheld will be 30%.
The full amount of your gambling winnings for the year must be reported on line 21, Form 1040 or the equivalent line on form 1040NR. If you itemize
deductions, you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040). You
cannot deduct gambling losses that are more than your winnings.
It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.
For more information on record keeping, see IRS Publication 529, "Miscellaneous Deductions," or Publication 525, "Taxable and Non-taxable Income." You may also want to check out Form W-2G or Form 1042-S and its instructions and Tax Topic 419, "Gambling Income and expenses." All are available on the
IRS Web site at www.irs.gov. You may also order free publications and forms by calling toll free 1-800-TAX-FORM (1-800-829-3676).
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of DUNDEE WEALTH and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS
YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com
Local phone calls to (604) 280-0600 - Long distance calls to 1-866-778-0600.
Old shows are archived at the site.
david ingram replies:
WE CAN PROVIDE THAT SERVICE but The 30% tax is only recoverable if you have in fact lost money in your gambling. OLDER QUESTIONS FOLLOW
QUESTION:
I recently had taxes withheld on slot machine wins in Reno, NV. I understand, as a Canadian resident, that I can apply to have the taxes refunded. Do I have to wait until the calendar year ends to apply?
Thanks!
=============================================
david ingram replies:
You have to wait until 2008 for a 2007 refund but you have to have gambling losses to offset gains to get a refund.
The following is the answer to an older question.
As a non US citizen, you must file a 1040NR along with a form W7 to get an ITIN (Individual Taxpayer Identification Number).
The following is a previous answer given in January to someone who had received a W2G for a win of $1,200.
We can help you.
===============
older answer
For non-residents of the United States, the withholding is 30% of wins of $1,200 or more. You would file a 1040NR to report the winnings and claim
your losses as itemized deductions.
Remember that reporting just your win of $2100 and claiming gambling losses does not make sense. If you won $2,100 (or any other amount) and lost that
much, there were more winnings in between which should be reported even if a slip was not issued.
Non-residents do not usually get a W2-G - they are issued a 1042-S
david ingram
IRS TAX TIP 2004-33
GAMBLING INCOME AND EXPENSES
Hit a big one in 2003? With more and more gambling establishments, the IRS reminds people that they must report all gambling winnings as income on their tax return.
Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes.
Generally, if you receive $600 ($1,200 from bingo and slot machines and $1,500 from keno) or more in gambling winnings, the payer is required to issue you a Form W-2G. If you have won more than $5,000, the payer may be required to withhold 27% of the proceeds for Federal income tax. However, if you did not provide your Social Security number to the payer, the amount withheld will be 30%.
The full amount of your gambling winnings for the year must be reported on line 21, Form 1040 or the equivalent line on form 1040NR. If you itemize
deductions, you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040). You
cannot deduct gambling losses that are more than your winnings.
It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.
For more information on record keeping, see IRS Publication 529, "Miscellaneous Deductions," or Publication 525, "Taxable and Non-taxable Income." You may also want to check out Form W-2G or Form 1042-S and its instructions and Tax Topic 419, "Gambling Income and expenses." All are available on the
IRS Web site at www.irs.gov. You may also order free publications and forms by calling toll free 1-800-TAX-FORM (1-800-829-3676).
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of DUNDEE WEALTH and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS
YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com
Local phone calls to (604) 280-0600 - Long distance calls to 1-866-778-0600.
Old shows are archived at the site.
David Ingram wrote:
On January 29, 2008, David
Ingram wrote:
It is very unlikely that blind or unexpected email to me will be answered. I receive anywhere from 100 to 700 unsolicited emails a day and usually answer anywhere from 2 to 20 if they are not from existing clients. Existing clients are advised to put their 'name and PAYING CUSTOMER' in the subject line and get answered first. I also refuse to be a slave to email and do not look at it every day and have never ever looked at it when I am out of town. e bankruptcy expert US Canada Canadian American Mexican Income Tax service and help
However, I regularly search for the words"PAYING
CUSTOMER" and always answer them first if they did not get spammed out.
For the last two weeks, I have just found out that my own email notes
to myself have been spammed out and as an example, as I wrote this on
Dec 25, 2007 since June 16th, my 'spammed out' box has
47,941 unread messages, my deleted box has 16645 I have actually looked
at and deleted and I have actually answered 1234 email questions for
clients and strangers without sending a bill. I have also put aside
847 messages that I am maybe going to try and answer because they look
interesting. -e bankruptcy expert US Canada Canadian American
Mexican Income Tax service and help
Calls welcomed from 10 AM to 9 PM 7 days a week Vancouver (LA) time - (please do not fax or phone outside of those hours as this is a home office) expert US Canada Canadian American Mexican Income Tax service help.
$1,700 would be for two people with income from two countries
Catch - up returns for the US where we use the Canadian return as a guide for seven years at a time will be from $150 to $600.00 per year depending upon numbers of bank accounts, RRSP's, existence of rental houses, self employment, etc. Note that these returns tend to be informational rather than taxable. In fact, if there are children involved, we usually get refunds of $1,000 per child per year for 3 years. We have done several catch-ups where the client has recieved as much as $6,000 back for an $1,800 bill and one recently with 6 children is resulting in over $12,000 refund.
David Ingram expert income tax service and immigration help and preparation of US Canada Mexico non-resident and cross border returns with rental dividend wages self-employed and royalty foreign tax credits family estate trust trusts income tax convention treaty advice on bankruptcy
It is very unlikely that blind or unexpected email to me will be answered. I receive anywhere from 100 to 700 unsolicited emails a day and usually answer anywhere from 2 to 20 if they are not from existing clients. Existing clients are advised to put their 'name and PAYING CUSTOMER' in the subject line and get answered first. I also refuse to be a slave to email and do not look at it every day and have never ever looked at it when I am out of town. e bankruptcy expert US Canada Canadian American Mexican Income Tax service and help
Therefore, if an email is not answered in 24 to
48 hours, it is likely lost in space.
You can try and resend it but if important AND YOU TRULY WANT OR NEED
AN ANSWER from 'me', you will have to phone to make an appointment.
Gillian Bryan generally accepts appointment requests for me between
10:30 AM and 4:00 PM Monday to Friday VANCOUVER (Seattle, Portland, Los
Angeles) time at (604) 980-0321. david ingram expert
US Canada Canadian American Mexican Income Tax service and help.
david ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
david ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 10 AM to 9 PM 7 days a week Vancouver (LA) time - (please do not fax or phone outside of those hours as this is a home office) expert US Canada Canadian American Mexican Income Tax service help.
Disclaimer:
This question has been answered without detailed information or
consultation and is to be regarded only as general comment. Nothing
in this message is or should be construed as advice in any particular
circumstances. No contract exists between the reader and the author and
any and all non-contractual duties are expressly denied. All readers
should obtain formal advice from a competent and
appropriately qualified legal practitioner or tax specialist for expert
help, assistance, preparation, or consultation in connection with
personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be
included." e bankruptcy expert US Canada Canadian American
Mexican Income Tax service and help.
David Ingram
gives expert income tax & immigration help to non-resident
Americans & Canadians from New York to California to Mexico
family, estate, income trust trusts Cross border, dual citizen - out of
country investments are all handled with competence & authority.
Phone consultations
are $450 for 15 minutes to 50 minutes (professional hour). Please note
that GST is added if product remains in Canada or is to be returned to
Canada or a phone consultation is in Canada. ($472.50 with GST if in
Canada) expert US Canada Canadian American
Mexican
Income Tax service and help.
This is not intended to be definitive
but in general I am quoting $900 to $3,000 for a dual country tax
return.
$900 would be one T4 slip one W2 slip
one or two interest slips and you lived in one country only (but were
filing both countries) - no self employment or rentals or capital gains
- you did not move into or out of the country in this year.
$1,200 would be the same with one
rental
$1,300 would be the same with one
business no rental
$1,300 would be the minimum with a
move in or out of the country. These are complicated because of the
back and forth foreign tax credits. - The IRS says a foreign tax credit
takes 1 hour and 53 minutes.
$1,600 would be the minimum with a
rental or two in the country you do not live in or a rental and a
business and foreign tax credits no move in or out
$1,700 would be for two people with income from two countries
$3,000 would be all of the above and
you moved in and out of the country.
This is just a guideline for US /
Canadian returns
We will still prepare Canadian only
(lives in Canada, no US connection period) with two or three slips and
no capital gains, etc. for $200.00 up.
With a Rental for $400, two or three
rentals for $550 to $700 (i.e. $150 per rental) First year Rental -
plus $250.
A Business for $400 - Rental and
business likely $550 to $700
And an American only (lives in the US
with no Canadian income or filing period) with about the same things in
the same range with a little bit more if there is a state return.
Moving in or out of the country or
part year earnings in the US will ALWAYS be $900 and up.
TDF 90-22.1 forms are $50 for the
first and $25.00 each after that when part of a tax return.
8891 forms are generally $50.00 to
$100.00 each.
18 RRSPs would be $900.00 - (maybe
amalgamate a couple)
Capital gains *sales) are likely
$50.00 for the first and $20.00 each after that.
Catch - up returns for the US where we use the Canadian return as a guide for seven years at a time will be from $150 to $600.00 per year depending upon numbers of bank accounts, RRSP's, existence of rental houses, self employment, etc. Note that these returns tend to be informational rather than taxable. In fact, if there are children involved, we usually get refunds of $1,000 per child per year for 3 years. We have done several catch-ups where the client has recieved as much as $6,000 back for an $1,800 bill and one recently with 6 children is resulting in over $12,000 refund.
This is a
guideline not etched in stone. If you do
your own TDF-90 forms, it is to your advantage. However, if we put them
in the first year, the computer carries them forward beautifully.
This from "ask an income trusts tax service and
immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. David Ingram deals on a daily basis with expatriate tax
returns with multi jurisdictional cross and trans border expatriate
problems for the United States, Canada, Mexico, Great Britain, United
Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan,
China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia,
Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida,
Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan,
Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St
Vincent, Grenada,, Virgin Islands, US, UK, GB, and any of the 43 states
with state tax returns, etc. Rockwall, Dallas, San Antonio Houston,
Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax and
Immigration Tips, Income Tax Immigration Wizard Antarctica
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on bankruptcy e bankruptcy expert US Canada Canadian American
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help.
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ingram
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immigration help estate family trust assistance expert preparation
& immigration consultant, income trusts experts on rentals mutual
funds RRSP RESP IRA 401(K) & divorce preparer preparers
consultants Income Tax Convention Treaty. advice
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