Each year I help over 500 clients file their Canadian and US tax returns as well as plan for both their Canadian and US investment accounts. I also regularly help new US clients plan for their move to Canada.
I recently came back from a trip to Las Vegas where I won over $20,000 in winning on a slot machine (crazy since I never really gamble). The casino withheld 30% of my winnings and gave me a 1042-s form. I heard you can help me recover some of this gambling tax.
What do I need to send you?
Yes, it’s possible that I can get you a partial refund of your casino tax withholdings. If you have any gambling losses that you incurred in 2010 you will be able to use these losses to reduce your $20,000 winnings. In order to use these losses you’ll have to have some record keeping or receipts to substantiate the losses.
Once we compile all the required information we can file a W-7 request for an ITIN and a 1040NR. In most cases the amount of tax you pay by filing the 1040NR will be less than the original 30% withholdings, hence the gambling tax refund.
You can read more about the process on our gambling tax refund page.
Give me a call at 250-661-9417 and we can discuss further.
Phil Hogan, CA