xaviermorin22 (OP)
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November 11, 2014, 10:29:17 AM |
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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.
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finlon
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November 11, 2014, 10:41:03 AM |
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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.
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adaseb
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November 11, 2014, 11:10:23 AM |
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Hmm, never heard of this either.
What county are you from exactly? I am guessing the USA but seems new to me.
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DaveSaldana123
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A.K.A The Black Marvel
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November 11, 2014, 11:25:12 AM |
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There is no such thing as retirement in gambling.
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unamis76
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November 11, 2014, 07:25:14 PM |
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Tax for gambling? Quite odd.
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2dogs
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November 11, 2014, 07:28:16 PM |
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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-ReturnSchedule 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.
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2dogs
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November 11, 2014, 07:40:33 PM |
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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.
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Snail2
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November 11, 2014, 08:30:19 PM |
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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) .
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kashish948
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November 11, 2014, 08:38:12 PM |
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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!
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Omikifuse
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November 11, 2014, 09:35:57 PM |
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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) . 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
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RodeoX
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The revolution will be monetized!
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November 11, 2014, 09:37:43 PM |
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That is weird? I can't wait to get rich losing at the casino!
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adaseb
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November 11, 2014, 10:11:22 PM |
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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.
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Miitch
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November 12, 2014, 06:55:45 AM |
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Tax on Bitcoin Gambling? - you are doing it wrong
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xaviermorin22 (OP)
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November 12, 2014, 11:07:30 AM |
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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. 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 .
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