#11
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Re: Taxes for Canadians at WSOP (and other tourneys)
Okay, the 30% can only come back based on itemized gambling losses (according to multiple sources on the Net, including firms that specialize in returning withholdings to Canadian citizens). So, Steve will eventually be able to get all of his 30% back if he nets zero from US gambling (very unlikely) and fills out a tax form itemizing those losses. So, in the end, they only withhold 30% of your net win/loss.
Ick. Makes me wonder whether or not I should just stay home and play $2/$5 NL at my local instead. |
#12
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Re: Taxes for Canadians at WSOP (and other tourneys)
Interesting points here, obv. not a straightforward issue. So from what I gather, as a Canadian, don't bother with the ITN, and see a lawyer when you are back in Canada.
Do they withhold 30% for satellites as well?? For example if you win one of the on site megas' do they only give you 7140? |
#13
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Re: Taxes for Canadians at WSOP (and other tourneys)
[ QUOTE ]
Okay, the 30% can only come back based on itemized gambling losses (according to multiple sources on the Net, including firms that specialize in returning withholdings to Canadian citizens). So, Steve will eventually be able to get all of his 30% back if he nets zero from US gambling (very unlikely) and fills out a tax form itemizing those losses. So, in the end, they only withhold 30% of your net win/loss. [/ QUOTE ] It is important to note that you can use all of your buy in receipts as gambling losses. An example is your ME receipt is an instant $10K loss that can be used to recover some of previous tax withheld. Apathy pointed that out to me, and I found it to be true. Also, If you do any pit gaming, make sure you have a player's card, because that will track your wins & losses as well and can be used to prove gambling losses. The easy one is using your buy in receipts. Regards, Woodguy |
#14
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Re: Taxes for Canadians at WSOP (and other tourneys)
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With the ITIN, you will get 100% of your money at the cashier's cage when you win a prize, so you have 30% more 5 dollar bills for the Spearmint Rhino. Without it, you will only see 70% of your money at the cashier's desk, and the dancers will be sad. You don't want to make the dancers sad, do you? Hope this helps. [/ QUOTE ] ( im canadian ) When I have made a money finish in 2005 at the WSOP, they keep 30%, & I was told that if I had a ITIN ' number , I wouldn't have had to pay it. so in february 2006, I fill up the paper to have a #ITIN, & my "tax-lawyer" was able to have my 30% back after having fillep up a tons of paper+many phone call to the IRS. I eventually made other money finish in AC, Vegas & LA. In AC at the borgata, I have made 2 small money finish 1k$ & 2k$ about. Under 3000$ they dont care about the 30%, I was told. but in Vegas, I have made 2 money finish 8k$ et 2.5k$ at the Bellagio & Mirage , & I told them that I have a ITIN#, they told me that it's useless, because the CANADA have no treaty with US. But if I was from UK or Germany, it wouldn't be a problem. - jpp |
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