Hit With Gambling Winnings Tax? Get A Casino Tax Rebate Now!
Apply For A Gambling Tax Refund On Your Gambling Jackpot!
Have you won a gambling jackpot? Subsequently hit with the gambling winnings tax? US taxation laws allow for Canadians to reclaim part or all of their US gambling winnings tax.
Each year, thousands of Canadians hit a gambling jackpot in the United States. Immediately afterwards, these lucky gamblers are disappointed when they realize a flat withholding tax of 30% is applied to their gambling jackpot. For example, any slot machine gambling jackpot that is $1200 USD or over will immediately have 30% gambling winnings tax taken off.
The US taxation laws are tricky, so gamblers need to be careful. For example, poker winnings are generally not taxed. However, poker tournament winnings are subject to the 30% gambling winnings tax. Most poker players will not have to worry about US taxation. But, poker tournament winners will have to apply for a casino tax rebate if tax was withheld on their poker winnings.
There is hope for gambling winners. The US-Canada taxation treaty allows for Canadians to have their gambling winnings deducted to their extent of their gambling losses. What this means is, if you have lost money at an American casino, you will get a refund of your gambling winnings tax. If you have lost as much money as your gambling jackpot, you will receive a full refund. If you have lost less money than your gambling jackpot, you will receive a partial refund. As long as you have gambling losses, you will receive some sort of refund. You can lose money at ANY type of gambling in the United States, and it will still count towards your casino tax rebate.
Unfortunately the US taxation laws are very complicated, and dealing with the IRS is anything but easy. Luckily, cross-border tax specialist firms like US Gambling Refund exist to provide an efficient, comprehensive and worry-free casino tax rebate.
The gambling winnings tax comes along with IRS form 1042-S. Gambling jackpot winners who do not have their IRS form 1042-S can obtain a copy from the casino that initially issued it. The casinos are required to have records of their issued 1042-S forms.
Gambling jackpot winners have three years from the time of their gambling jackpot to apply for a casino tax rebate. The taxation laws are to be used. Your time may be running out.
For further information or to apply for a gambling tax refund, contact US Gambling Refund.
