Casino taxes
#1
Banned
Thread Starter
Joined: Oct 2009
Posts: 31
Casino taxes
I fancy taking a couple of trips to AC when next in NYC. Am english with no social number or anything like that never had one never worked or lived over there. I have been watching CSI they keeping going on about casino winnings being subject to tax again I have no social security number and I know enough to say u cant get on the VWP after 9/11 it was all changed.
Assuming I win big! 500 bucks 1000 bucks a million bucks What would happen with any tax issues?
Thanks in advance
Assuming I win big! 500 bucks 1000 bucks a million bucks What would happen with any tax issues?
Thanks in advance
#2
BE Forum Addict
Joined: Mar 2007
Posts: 4,059
Re: Casino taxes
I suspect the casino will withhold the necessary tax and remit it to the US Government for you.
#3
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Thread Starter
Joined: Oct 2009
Posts: 31
Re: Casino taxes
hmmm that sounds fair enough I am not in a legal position to file a U.S tax return on any money that is for sure with not having a US work visa or social or whatever else u need to have. Lets see what this tax guy peter newton says am sure he knows the score.
#4
Lost in BE Cyberspace
Joined: Feb 2004
Posts: 14,577
Re: Casino taxes
They will withhold 30%: http://rose.casinocitytimes.com/arti...s-watching-977
IIRC it's better to play table games
IIRC it's better to play table games
#5
Re: Casino taxes
If it's anything like to the casinos my family go to, they wont take any tax and unless you report it you won't pay any tax. You may have to declare it to the UK tax man though.
#6
Re: Casino taxes
Silly man. You don't have to be a resident to be required to pay taxes in the US.
If you were to hit the jackpot (or some winnings over a certain amount) they will mandatorially withhold the appropriate amount of tax. You will then have to file to have it refunded to you if you claim it as income UK and pay taxes on it there.
My father hit for $2,500 once and the casino automatically withheld the tax money before paying off the win on the slot machine.
#7
Re: Casino taxes
Lotsa little wins, that's the key to my wealth!
#8
Re: Casino taxes
I was wondering about that, a mate has won quite a few thousand but always cashes out at the tables after winning $500 or so...makes sense I suppose but gotta break your run doing that...
#10
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Joined: Feb 2004
Posts: 14,577
Re: Casino taxes
According to the link above most table games are exempt. Your friend should keep playing, I'm sure he'll win big...
#11
Re: Casino taxes
He doesn't have kids, doesn't drink or anything, so he's probably pretty minted in savings...hmmm...
#12
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Thread Starter
Joined: Oct 2009
Posts: 31
Re: Casino taxes
Ok then just to clarify this in my own mind. If I hand in 10k in chips they will take the 30% tax and give my 7k back??.
As for declaring this with UK income I dont know there is no betting tax anymore so all winnings of that nature in England are tax free. I would have to look into that further.
As for declaring this with UK income I dont know there is no betting tax anymore so all winnings of that nature in England are tax free. I would have to look into that further.
#13
Lost in BE Cyberspace
Joined: Feb 2004
Posts: 14,577
Re: Casino taxes
Ok then just to clarify this in my own mind. If I hand in 10k in chips they will take the 30% tax and give my 7k back??.
As for declaring this with UK income I dont know there is no betting tax anymore so all winnings of that nature in England are tax free. I would have to look into that further.
As for declaring this with UK income I dont know there is no betting tax anymore so all winnings of that nature in England are tax free. I would have to look into that further.
If you win 10k on a slot machine they will take 3k and hand you 7k.
If you cash out 10k in chips, from poker/roulette/craps/blackjack, they have no way of knowing what you started with so you'll get 10k back.