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#1
10-31-2006, 02:35 AM
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The Tax Man Cometh
For those of you who are not aware of the tax laws I would just like to point out that when you play slot machines anything one win over $1,200.00 is taxable on the full amount of the win. For U.S. citizens you get a W-8 or something like that to claim on your taxes and for Canadian citizens they take 30% of the top of your winnings before they give it to you.
HOWEVER, in poker tournaments the taxable amount starts in most states at $595.00 and again it's the same thing. Anything over that then the full amount gets taxed. In this instance being a Canadian is a bonus because we can apply to receive all of the taxes back once it is tax time (April in the U.S.) and if you are unsure of how to do it you can pay a commission to an agency here who will do it for you. Since it would have been "lost" money in the first place paying the small commission is worth it in my books.
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PokerPrincess Live, Love, Laugh 
Last edited by PokerPrincess_Sandy : 11-02-2006 at 06:28 PM. 
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#2
11-01-2006, 03:15 PM
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I don't know anyone who has been handed tax forms after winning and those are modest amounts. Am I to understand that the casinos then inform the IRS from hotel data or???? Unless someone takes the securituy number data how do they know?
Sounds like an incentive to get a fake ssl card to me. (as if there was not enough incentive already).
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#3
11-02-2006, 12:38 AM
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Thanks for the great information. I really didn't know anything about it because I am not that big of a winner. I thought any amount you make even if it is just 5.00 is taxable? I could be wrong, someone please correct me if I am wrong.
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#4
11-02-2006, 03:40 PM
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That would put way too much of a burden on the IRS. They may not have adequate manpower now. But the limit means you can be subsidizing your business with gambling winnings in a manner that leaves it unrepresented as to the source. People need to track where money "comes from".
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#5
11-02-2006, 06:32 PM
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As a Canadian I am not sure how the hotels report it for U.S. citizens. However, when I have won over $1,200 at the slots in the casino at one time, which is usually a jackpot, the security people come and get your S.I.N. (Social Insurance Number) and keep 30% before they give you the payout.
Also when I have been in poker tournaments they fill out a WD? (something number) take 30% off the winnings and hand you a copy of the paper and the balance of your money. So I am quite sure that there are tax forms filled out for U.S. citizens as well.
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PokerPrincess Live, Love, Laugh
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#6
11-03-2006, 03:29 PM
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Quote:
Wow Canada is tough lol! I can't imagine American casinos ruining the vibe by having a chorus line of bean counters come out after every win. I am betting they catch up to the folks when they check out or at least let them know in fine print that they can track their lossess by their address and credit card data to the IRS if they don't comply. I bet the IRS gets a report anyway. Does anybody know?
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