A beat and a brag

UBetIFoldUBetIFold
in Brags, Beats & Variance
Cliffs: 'in b4 don't play mtt's at Seneca Niagara'

Brag; came 2nd in a rather small $100 daily donkament for $900US.

Beat; Seneca withholds on any cash amount in their mtt's even under $5kUS net.

Variance; ???

I had $300 withheld. Never had monies held before. What's my play? Too small of an amount to try and claim?

They did give me a RMS brochure with a tax slip with my winnings.


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Comments

  • pkrfce9pkrfce9
    You sound surprised?

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  • UBetIFoldUBetIFold
    Not entirely surprised as I knew they withhold but not sure if it's worth proceeding to claim some or all back.

    I guess seeking advice from anyone who's used this or a similar service before.


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  • philliiveyphilliivey
    So is your new name UbetIwithhold. :P
  • BlondeFishBlondeFish
    UBetIFold wrote: »
    Beat; Seneca withholds on any cash amount in their mtt's even under $5kUS net.
    *&^%$#@! Seneca deducts 30% from any min-cash, bounty, high hand or BBJ. :confused2:
    I had $300 withheld. Never had monies held before. What's my play? Too small of an amount to try and claim?
    I didn't bother to try to claim when Seneca taxed me 30% for a satellite piece of paper. :rage:
    I was charged U$150 + 13% HST for my WSOP refund, and you will need to apply for an ITIN with your passport, which most companies charge extra for.
  • UBetIFoldUBetIFold
    Of that U$150+ HST they charged you, was that their percentage of the total amount or their flat fee?

    I thought I read somewhere that they take 25%. I wouldn't mind having to give up $75 and receive the rest back.


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  • BlondeFishBlondeFish
    Some companies charge a percentage for bigger wins so they get a lot more than $150, but in your case, the company I used would charge you a flat fee that would total at least C$225 in Canadian dollars.

    Lesson learned from this BBV: cash in all the tax-free Casino Rama and seven WPT events in Canada this year, instead of 30%-taxed US.
    UBetIFold wrote: »
    Of that U$150+ HST they charged you, was that their percentage of the total amount or their flat fee?
    I thought I read somewhere that they take 25%. I wouldn't mind having to give up $75 and receive the rest back.
  • SeekTheGrailSeekTheGrail
    Well you can't claim till the end of the year as you will need to get an ITIN number and file a US tax return for 2017.

    All the Indian casinos in the Eastern US (Seneca, Foxwoods, Turning Stone) withhold 30% on any winning.

    Did you round? If you won $900 they should of withheld $270 and paid out $630 and given you a 1042-S tax slip with the amounts.

    For me I did everything myself as you can go to irs.gov and print of form W7 to apply for the ITIN and form 2017 1040-NR to file your tax claim. The guides are there too and if you have ever filed your own taxes it is straight forward.

    Hold on to any receipts you get from playing in the US in 2017 as you will need to have documented losses = $900 to get the full 30% back.

    You will also need to go to the passport office and get a certified true copy of your passport to include with the W7. There is a fee for this of approx $25 as well.

    Bottom line is it is a lot of effort the first time and likely not worth it for $270 but once you have the ITIN in future years you just need to file the tax return at the end of the year.

    Hope this helps....Steve
  • UBetIFoldUBetIFold
    Thanks so much for the replies. Very informative.

    A trip to LV is planned for around wsop and if it happens I'll make sure to keep track of receipts.

    I kind of assumed that this amount wouldn't have been enough to make it worthwhile.

    I knew going in they withhold, but I wasn't playing it for the ev's. Strictly entertainment. You could say because of the 30% my edge is better in BJ, but BJ isn't any fun.


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  • djgolfcandjgolfcan
    UBetIFold wrote: »
    my edge is better in BJ, but BJ isn't any fun.

    If that's the case, they're not doing it right.
  • marbanmarban
    djgolfcan wrote: »
    If that's the case, they're not doing it right.

    lol...wink, wink ,nod, nod
  • djgolfcandjgolfcan
    C'mon, we were all thinking it.
  • All Beef PattyAll Beef Patty
    Potentially a dumb question - but do they hold money back in cash games too? I dont see how they could...for example, you buy $500 in chips, run it up to $1000, but you cash out only $100 and then take your $900 stack to a bigger table. They wouldnt hold back any of the $100 or would they?
  • compueasecompuease Admin
    All Beef Patty wrote: »
    Potentially a dumb question - but do they hold money back in cash games too?
    No, only tournaments winnings (no matter how small) or jackpot wins.
  • All Beef PattyAll Beef Patty
    Thanks - I think Seneca will be my first casino experience (maybe next month). Always down for medium-sized home games in T.O. until then!
  • BlondeFishBlondeFish
    All Beef Patty wrote: »
    I think Seneca will be my first casino experience (maybe next month).
    Try Casino Niagara 1/2 or Fallsview during the World Poker Tour, before going south.
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