Avoiding getting taxed coming out of Vegas
 

Hi all, goin to Vegas in October for a mini-moon. Been told that if you win over $2000 you get slapped with a 30% tax when you cash in? Has anyone got any experience with this, and is there any way round it??

I have been several times but never been that lucky

I have heard that IRS employees work in each casino in vegas (or at least the major ones) and over 10k dollars (I think) you cannot get your cash until you have seen the IRS official and signed all the forms etc

One thing I wouldn't want to do is to try and avoid paying the IRS, I doubt it would be a very good experience :D

Depends what game your playing, you really dont want to mess with the IRS, when i moved to the States i ran into them head on with my first Tax Return...

Here is the official stance (legal Jargon)

Foreign Persons
Payments of gambling winnings to a nonresident alien individual or a foreign entity are not subject to reporting or withholding on Form W-2G.

Generally, gambling winnings paid to a foreign person are subject to 30% withholding under sections 1441(a) and 1442(a) and are reportable on Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, and Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding.

Winnings of a nonresident alien from blackjack, baccarat, craps, roulette, big-6 wheel, or a live dog or horse race in the United States from legal wagers initiated outside the United States in a parimutuel pool are not subject to withholding or reporting. See Pub. 515, Withholding of Tax on Nonresident Aliens and Foreign Entities.

Can't you cash in smaller amounts over several trips to the cashier?

I like your confidence that you're going to win

haha I agree.

I would be extremely suprised if you won a fraction of that.

That's what I was thinking, but maybe the cashier is pre warned on a big win?

I do pretty well over here, and taking a fair chunk to play with- you never know mate

I can't wait for his next post...

How can i get a loan from the british embassy in order to get a flight home from vegas as i have ran out of money...? And these vegas marriages aren't actually real are they?

If you run out of money in the casino at the hotel you are staying at, they will provide you with transport back to the airport free of charge

FPMSL! :D Makes sense though, once they have bled you dry git rid of you.

Who said I was getting married in Vegas? Why dont you get a fcuking grip, shock horror someone's thinking of having a flutter in Vegas..:Whatever_

You're not thinking of having a flutter, you are thinking about winning so much you need to have a plan to avoid paying tax.

Rather like me playing football and wanting to avoid getting picked by talent scouts to play for a premier league team, or wanting to shag Kylie but avoid getting her pregnant.

:lol1: ok. Let me explain: I'm getting married in the lakes, and I've booked a surprise "mini moon" for the 2 of us a couple of days later, as I've not got much holiday time left. We are going to Vegas for a damn good time, and not to desperately win to bail us out of trouble. I enjoy a flutter, but not going just for that. I just wanted some info on the tax on winnings. Far too many cnuts on here just waiting by their keyboard waiting to pounce like some smart ar$e fool. Maybe it's a jealousy thing, inferiority complex or something, but it's tiring.

Thank you john

Cheers!!:thumb:

Yeah it sort of does when you think about it

I'm sure higher rollers even get their flight home (if no means of getting home) after all the Casinos want you to come back and spend again :)

Once you have been a few times and got club membership and gambled a fair bit, you start getting free invites back (free hotel, food and even some free gambling) you only need to find your flight

There's only one winner at the end of the day, but like I say, I love a flutter! Sometimes you hit big, I just wanted to know the score first hand off people that have experienced that.

I can't offer any advice regards your question but wish you the best of luck when you hit the casinos :D If you're just gambling what you know you can afford to lose I see no harm enjoying a flutter. Worth asking a professional gambler?

At last some sense! That's exactly it mate, not going there in the hope of hitting it big, but you just don't know, that's they way it is! More than likely I'll come back with nowt, but I'll have enjoyed myself in the process! Just wanted some info on the tax thing. I'm looking forward to the restaurants more than anything else, but I suppose I'll be accused of being obese next eh!!

For me it was always breakfast at the Sahara that did it :)

3 hour limit all you can eat with a buffet bar the size of a supermarket, never needed lunch and only a lightish meal for dinner :D

don't forget whilst you are gambling you will be offered free drinks, but make sure you tip the waitresses so they bring you more drinks :D

Roulette is poor odds, after the slots I liked blackjack

Well i've clearly touched a nerve..... All of what i said was 100% sarcastic.

No need to get wound up :)

I know there are companies in Canada that will try and claim back some of the "tax" that us casinos put on non residents who win. Perhaps there are similar places in the uk?