IRS update

[Katdancer]

so let me get this straight. If our Canadian neighbor comes down and wins a major handpay; say one of the 6 figure kind; the IRS takes it's 30% and good luck in getting it back? If they know it has to be returned to the player, why do they take it to begin with?

It is the law....I guess. Canada and the US have a treaty that any tax withheld on gambling/lotto wins is supposed to be returned when you file...So now we start the process again with all the info supplied once again by the Wynn. They tax anything over $1200.00 with the 30%. They are dinging us for a little over $1000.00 so far - I had 5 handpays in 2014....just waiting for more letters from them of refusal for my tax return.

[Katdancer]

Good luck, so sorry you are having to go through all this to get your money that should have never been withheld in the first place!

I know...but hey - no more handpays - just wins under that mark and we do not have to deal with it!

[Katdancer]

There's a host of reasons the IRS should be reduced/eliminated. Add this to the list

Along with the CRA!

[owls]

I hate that you are going through this.
I can tell you this from personal experience, the IRS does not care what a persons problems are. They apply outrageous penalties which are compounded daily. Sorry POS.

[Nhcris]

Wow, I must have missed the beginning of this saga, and I am really sorry for the hoops you are going through to claim what is rightfully yours. It's just shameful. I am happy to hear that the Wynn is being so helpful, though. Hopefully this new documentation will get it done.

[inaminute]

The IRS simply wants to help taxpayers be compliant. That's all.

[ineedajackpot]

I went back and read your original post. This is wrong on so many levels. They should not have withheld the money in the first place. Now they make you jump through hoops to get what was yours in the first place. I am sorry this is happening to you and others. It is so wrong, shame on the IRS.

[owls]

I found this article interesting. I never realized the IRS considered comps as winnings..holy cow.

http://www.reviewjournal.com/busines...s/taxlaws.html

[clemi]

Owls interesting article, I too didn't realize comps were considered winnings...

[Jackpot]

*Here's one of the questions from the article that may help. "

I'm a Canadian citizen who likes to make occasional trips to casinos in the U.S. Recently, I won $12,856 at keno. The casino withheld 30 percent of my winnings for U.S. income tax, and didn't allow for the fact that I was down $300 on the day and had the tickets to prove it. Someone at the casino told me that he thought the money was recoverable for Canadians once they returned to Canada. Is this true?

A * If this was in 1998 or later, you're in luck. As a result of recent changes in the tax treaty between the U.S. and Canada, Canadian citizens who won enough to have the witholding of tax on their winnings, may file a U.S. Non-Resident Tax Return on which they can deduct U.S. gambling losses from their reported U.S. winnings and potentially get a refund for the full amount withheld, if you have as much or more in losses than winnings. If your U.S. losses are less than your winnings, you will get a partial refund.