Casino Reviews

Casino Win Loss Statements IRS

December 21st, 2017 ernie Posted in Tax on Winnings 7 Comments »

Slot Machine Jackpot WinningsAnyone who won more than $1199.99 in a US casino needs to pay taxes on their winnings. If you are Canadian, the taxes were deducted immediately by the casino before you received your winnings. This can be very frustrating. However, in most cases, the taxes you paid can be eliminated entirely or at least reduced by a significant amount. US taxpayers typically will not have taxes deducted immediately. They are supposed to include the income in their IRS forms and pay whatever taxes are due at that time. Always ask for a casino win loss statement from the casinos after year-end.

Casino Win Loss Statements for Claims

Anyone who plans to claim a refund on the taxes that were paid needs to file an IRS tax statement by April 15th of the following year. They are allowed to deduct any losses they may have incurred while they were gambling against their winnings. They can reduce the amount of tax they need to pay.

This is where win loss statements are very important. After Jan 1st, call your casino or go to the player’s club to find out how you can arrange to receive a win loss statement. Some will send it by regular mail in a few weeks, while others will have it online for you to download.

These statements can be very enlightening. For example, they could say you wagered over $50,000, won $49500 for a net loss of only $500. The $500 is the important number and the one that can be used to reduce the taxes you will pay on your winnings. But the scary thing is that you may not feel that you have gambled so much. You win a bit and lose a bit when you go to the casino. It is this churn that generates the huge numbers quoted above.

Re quest all of the win-loss statements from the casinos you play at and use these numbers to help decrease the total tax you are paying on your gambling winnings.

For more posts about claiming tax losses on gambling winnings, click here.


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Beau Rivage Casino Biloxi Win Loss Statements

March 7th, 2016 ernie Posted in Tax on Winnings 30 Comments »

Beau Rivage Casino Biloxi Win Loss StatementsIf you have not already requested your win loss statement, it is time to do so. Order your Beau Rivage Casino Biloxi Win Loss statements now so that you can make a claim and get some of your money back or even better avoid paying tax on the money you won over $1200. For those readers who might not be aware, all jackpots $1200 and up must claim these wins on your income tax when you file it. If you happened to be Canadian or from some other country they will take 30% up front and it is up to you to make a claim and get your money back. Call your slot host and ask for a win / loss statement today.

Beau Rivage Casino Biloxi Win Loss Statements – IRS

The IRS wants it’s tax money on your taxable winnings even though your home country does not charge taxes on winnings e.g. Canada. You will have to obtain an IRS ITIN number and file an IRS income tax form if you are a foreigner. Eveyone will need a win loss statement from each casino that you gamble at in order to get some of your money back.

The only way you can do this is if you are using a slot card whenever you are playing. This is how the casino knows how much you play, calculates comp’s and can produce a win loss statement. If you do not use a slot card, then there is no win loss statement and no claim to reduce your taxes owing regardless if you are an American or a foreigner.

For more information on this subject, check some of other posts about this subject.

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Time to Request Win Loss Statements

January 21st, 2016 ernie Posted in Tax on Winnings 8 Comments »

Time to Request Win Loss StatementsAs we near the end of the year it is time to request win loss statements in January. Check with all casinos that you have a slot card with and request the win loss statement to calculate your refund from the slot winnings that you received during the year. Remember that you must have a slot card. This is the only way that the casino can track how much you have gambled and lost during the year and provide a report to you. Once you complete your IRS tax filing you must file it by April 15 of each year. this applies to all US citizens as well as foreigners who want to reclaim some of the taxes that were deducted at source  i.e. at the casino from your winnings.

Time to Request Win Loss Statements – Example

Only US winnings over $1200 are taxed. If you are not from the United States, the casino will deduct 30% on the spot. The above winner won $9000 on the above combination, but had to pay $2700 in taxes immediately. They need a win loss statement.

Consumers are often surprised at how much they actually gambled when they get their statement. Often when playing with $20.00 it is not uncommon to play for over half an hour. Some times you win and sometimes you do not. But during that time, you can win over $100 in small jackpots. It is not enough to stop and your balance may never go over $30. However your loss at the end of it all is $120 while you won $100 for a net loss of $20. It is this loss that you are looking for on your win loss statement.

Every $20 of loss, nets $6 in refund depending on your other claims and income. It can be well worth the effort to request these statements.

Remember that the IRS has been auditing claims so keep all of your records.

Can also hire a professional but they will need the same information to complete your return.

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Beau Rivage Biloxi Win Loss Statements

January 7th, 2016 ernie Posted in Tax on Winnings 41 Comments »

Beau Rivage Biloxi Win Loss StatementsIf you won this jackpot at the Beau Rivage you would definitely need to request Beau Rivage Biloxi Win Loss Statements to recoup some of the tax that you either paid on the spot or will pay once you complete your income tax forms before April 15th. This particular jackpot paid $9000 and the casino may have deducted $2700 on the spot in income tax. That’s a lot of money and something you want to go after. It is relatively easy to do and you will certainly get some of your winnings back from the IRS. Even if you are from another country, there is a way to recoup some or all of the tax deducted on the spot from your winnings. The first step is to request a win loss statement.

Beau Rivage Biloxi Win Loss Statements

What is a Beau Rivage Biloxi Win Loss Statement? Basically it is an official report that tells you much money you won in the past year and how much your lost in the past year. You will either have a net loss or a net win which you can claim. Claiming a net loss means you get some money back on those wins over $1200.

Request your win loss statement from all casinos you play at after Jan 1st. You should receive them within a few weeks. Depending on how much you have won, you may want to get all of the statements from all of the casinos to maximize your total loss and claim your money. Call your slot host or log into your online account and request the win loss statement. Many are automated and can be requested online, downloaded and printed at your home.

Collect from all casinos no matter how much you played. Remember that you must have used a slot card at each of these casinos. This is the only way that the casino knows how much you  wagered and the only way you can request a statement.

File before April 15 as per the usual deadline. If you have all of your information you can file earlier and hopefully receive a refund that much earlier as well. The IRS has been doing audits lately so some returns are late being assessed and refunds issued.



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Filing Income Tax Forms for Slot Machine Jackpot Winnings

March 21st, 2012 ernie Posted in Tax on Winnings 1 Comment »

Slot Machine Jackpot WinningsCanadians wining a jackpot in Canada do not have to pay tax on those winnings. However Slot Machine Jackpot Winnings over $1200 in the US, taxes are due and usually collected on the spot by the casino officials. The casino will prepare the appropriate tax slip for you to use in filing your income taxes. If you happen to be a Canadian, they will prepare a 1042-S foreign persons US source income subject to with holding form and deduct 30% of your winnings right on the spot! This comes as a surprise to many people and they are left wondering how or if they will get their money back. If you won a jackpot last year it is time to file your income tax claim and get some or maybe all of that money back that you won in the casino.

Our last post discussed Casino Slot Machine Win Loss Statements, why you need them and how to get them. Once you have them you can begin to get all of the tax forms and think about filing your tax forms. This particular post is focused on what Canadians need to do if you win a jackpot larger than $1200!

Slot Machine Jackpot Winnings – A bit Daunting at First

The list we have assembled below may seem a bit daunting at first, however if you follow the steps outlined below and you read all of the documentation, you should not have any problems. Remember that this approach is for non-residents, Canadians in particular. It is also a simplified approach and for gambling winnings only. If you have other sources of income then you may need a professional to assist you in completing the tax forms.

Step by Step Approach to Filing Income Tax Forms for Slot Machine Jackpot Winnings

Here is a short step by step approach, which we will expand on later in the post:

  • Request win / loss statements from all casinos for the tax year in question
  • Assemble all 1042-s Forms
  • Download W-7 form and instructions from IRS website
  • Read instructions for W-7
  • Decide if you need to apply for an IRS ITIN (Individual Taxpayer Identification Number)
  • If so assemble approved identification papers and fill out form
  • Download 1040NR US Nonresident Alien Income Tax Return & instructions
  • Read instructions for 1040 NR
  • Complete 1040NR and attached 1042-S documents and win / loss documents
  • Make a copy of everything for your records
  • Send the following into the IRS
    • Completed W-7
    • Identification documentation
    • Completed 1040NR
    • Copies of Win / Loss statements
    • All 1042-S forms

Once  you have done all of this you are ready to send your tax claim into the IRS and it will probably take a month or two before you hear back from them , hopefully with your tax rebate.

Documentation Certifying Your Identity

In our case we needed to have a passport copy made and certified that it was a true copy. The only people who can do this as far as the US government is concerned is the Canadian passport office. Turns out that the passport office does this for free and if you drop your request off and pick it up they can complete the request within 3 or 4 business days. Make sure you take your completed W-7 in with you to show that why you need the copy of your passport certified.

Of course you can mail it in as well, however it will take longer to process and return to you. When you send in the request, you will also need a simple letter stating the following:

  • Date
  • Subject
  • To Whom it may concern
  • Statement as to what you need and why
  • Printed name and address
  • Signature

That is what we have learned so far about Filing Income Tax Forms for Slot Machine Jackpot Winnings. We are currently waiting for a response and will add a new post when we get our money back. If you decide to go to a professional be prepared to hand over a significant chunk of your tax money that is returned. They do not work for free or cheaply.

We would like to hear from other folks that have gone through this process and anything they have learned about getting their money back. Well written comments that are helpful to our readers with links will be approved. We are looking for comments that are helpful and not just links to another site.

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