Tax Help for Gamblers by Jean Scott

Author:Jean Scott [Scott, Jean & Chien, Marissa]
Language: eng
Format: epub
Tags: Gambling/Non-fiction
Publisher: HUNTINGTON PRESS, INC.

Q: “I won money at a Las Vegas casino and my winnings were subject to a 30% withholding tax. I am a Canadian citizen. How can I get the withholding tax back?”

A: “Generally, you must file a tax return to claim a refund of withholding. Gambling winnings by nonresidents of the U.S. are taxed at a flat 30% tax rate. However, under the U.S./Canada Tax Treaty, residents of Canada may claim gambling losses, but only to the extent of gambling winnings. You should report both your total gambling winnings and your total gambling losses on page 4 of Form 1040NR, U.S. Nonresident Alien Income Tax Return, on the dotted portion of line 79. If you have net gambling winnings (after offsetting your total losses against your total winnings), you should include this net amount on line 79, column (d) of the Form 1040NR. You should also attach a copy of the Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, showing the taxes withheld, to your Form 1040NR.”

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