Gambling in the US and withholding tax question

[holden]

A friend of mine won quite a bit gambling in Vegas. But they took about 30% of his wininngs.

Can he get it back?

I heard you can apply gambling losses to it


Any info would be appreciated.

 

[Venus_mgr]

Happy to help
http://www.casinotaxrebate.com/?gclid=CMfWsNyZzocCFQ5WPgodDEOcGQ

 

[nautilus]

You friend can get his own TIN number. He doesn't have to pay an agency to do it unless he's too lazy or too busy to do it himself.

 

[dreamer]

You can either pay someone to do it for you or follow the following steps

You need to file a 1040NR to receive the money back.

It is a US Tax Return for Non-Residents.

To fill it out you need a ITIN (Individual Taxpayer Identification Number)

to obtain your ITIN http://www.irs.gov/pub/irs-pdf/fw7.pdf

after you receive your ITIN fill out the 1040NR

http://www.irs.gov/pub/irs-pdf/f1040nr.pdf

instructions : http://www.irs.ustreas.gov/pub/irs-pdf/i1040nr.pdf

The trick is that you need to claim your gambling losses against your gambling income to get a full refund

An agency cannot do it any faster and there are no short cuts, all they do is fill out the forms for you.

 

[holden]

The trick is that you need to claim your gambling losses against your gambling income to get a full refund

Thanks everyone, but how would you prove your gambling losses?

and it's a 3 yrs carry back, 7 yrs forward?

 

[papasmerf]

Thanks everyone, but how would you prove your gambling losses?

and it's a 3 yrs carry back, 7 yrs forward?

Receipts

and as far as I know it is in the same calander year and only on legal wagers.

 

[dreamer]

Thanks everyone, but how would you prove your gambling losses?

and it's a 3 yrs carry back, 7 yrs forward?

You only need to prove your losses if you are audited. Proof would consist of bank records for the periods you were at the casinos, travel receipts, receipts from the casino etc etc

 

[High_Roller]

I believe the limit beyond which taxes are withheld is $1200.

So, you just need to win a bunch of times, each time below $1200.

The casino will pay with cash ... even better.

 

[basketcase]

...

So, you just need to win a bunch of times, each time below $1200.
...

That's what I'll do next time in Vegas!