Us Gambling Refunds Are Available For Canadians Hit With Us Casino Tax
Taxed On Your Slot Jackpots?
Canadian gamblers venture into the US based casinos and other gambling establishments in the hope of hitting slot jackpots and other gambling wins. Unfortunately many of these gamblers are also assessed the dreaded IRS casino tax after getting lucky with the slot jackpots. Yet US gambling refunds are available to Canadian gamblers who have paid the US casino tax. Canadian gamblers need to be aware of their rights under the IRS tax code, including the right to US gambling refunds.
When Are Casino Taxes Levied?
US slot jackpots are taxed whenever the slot jackpot amount meets or exceeds $1200 USD. The bingo winnings tax also takes effect at $1200 USD. The US casino tax is a flat rate of 30%. Thus your tax on slot jackpots and your bingo winnings tax has the exact same calculation. If your slot jackpots and/or bingo wins do not reach $1200 USD, your win will not be taxed. Cumulative slot jackpots and/or bingo wins that are over $1200 USD, but with each individual jackpot and bingo win under $1200 USD, will not be taxed either. Horse racing wins are taxed at $600 USD above and over the original wager, and the horse win must have a payoff of at least 300:1. Table games usually are not subject to the casino tax, but table game winnings from tournaments are subject to the casino tax.
How Can I Reclaim My Casino Tax?
A tax reciprocity treaty exists between Canada and the United States. The treaty guarantees equal treatment for Canadians under United States tax law. American citizens usually receive US gambling refunds for the casino tax they have paid for their slot jackpots, horse race winnings, etc. In the United States, gambling losses can be deducted from gambling winnings. Thus people who have paid casino taxes, yet have had ANY US-based gambling losses from the same time period will have a refund of their casino tax. Unfortunately while Canadian gamblers often pay the US casino tax for their US gambling winnings, Canadians generally do not file US tax returns. Most Canadians, and most accountants on both sides of the border are unsure or unable to pursue cross border tax claims. Thus the Internal Revenue Service (IRS) has licensed Certifying Acceptance Agents to help Canadian gamblers recover their US-based casino tax. Certifying Acceptance Agents have been screened to verify their knowledge of US tax laws, objectivity, and professionalism.
The US Gambling Refund Process
The process to obtain a US gambling refund can be divided into two parts. The Certifying Acceptance Agent will first apply for an Individual Taxpayer Identification Number from the IRS on behalf of the client. After this is accomplished, the Certifying Acceptance Agent will then file a tax return on behalf of the client. The entire US gambling refund process will take approximately 12 - 16 weeks and is the fastest, most thorough way to obtain a cross border US gambling refund.
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Canadians who gamble in the United States will eventually have U.S. casino taxes withheld. These Canadians are eligible for a U.S. gambling tax refund, yet few Canadians are aware of their rights. Luckily Certifying Acceptance Agents are around to facilitate U.S. gambling tax refunds for Canadians.
Winners of US casino jackpots are often assessed the IRS' gambling tax. Fortunately, Canadian gamblers are eligible to have part or all of their gambling taxes refunded. Certifying Acceptance Agents can work on behalf of Canadian gamblers to deal with the IRS & obtain an ITIN (US tax ID). The US-Canada tax treaty entitles Canadian gamblers to pursue refunds on their withheld US casino jackpots but the IRS' rules for gambling refunds are complicated. US Gambling Refund's tax specialists can help.
Has the Internal Revenue Service (IRS) assessed casino winnings tax on your gambling jackpot? If so, you may just get lucky again by having US Gambling Refund help you apply for a gambling tax refund. Canadians & certain gamblers from foreign countries may be eligible to get a partial or full tax refund from the IRS for their withheld US taxes.
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Refund management services are available to Canadian gamblers who have paid tax on gambling winnings. Under US gambling tax laws, Canadians are entitled to pursue a US gambling tax recovery. The IRS reaps millions every year from Canadian gamblers who fail to recoup their gambling taxes. If you are a Canadian who gambles in the United States, chances are you have paid, and are eligible for a U.S. gambling tax refund.
Canadians love visiting US casinos. When Canadian gamblers are hit with the US casino taxes, they often are surprised, and do not know what to do. Often these Canadians resign themselves to losing 30% of their original jackpot as US gambling tax. Yet Canadian gamblers are entitled to receive a refund of their US casino tax. Qualified professionals are available to help these Canadian gamblers maneuver the gauntlet of IRS tax laws.
Canadian gamblers end up paying millions in unnecessary US taxes to the IRS. Gambling jackpots are taxed before the payout. Yet most Canadian gamblers are unaware that their gambling taxes can generally be reclaimed. Anyone who has paid U.S. gambling taxes and has corresponding US gambling losses can obtain a partial or full U.S. gambling tax refund. The procedures for reclaiming a gambling tax rebate are unnecessarily difficult, but using a Certifying Acceptance Agent will help greatly.
Canadian gamblers in the United States will win big, be hit with IRS casino taxes, and require a casino tax refund. Unfortunately while the Canadian gamblers will have IRS casino taxes automatically deducted from their gambling wins, they will have to make a special effort to recover their withheld casino taxes.
Canadians who gamble in the United States will eventually have U.S. casino taxes withheld. These Canadians are eligible for a U.S. gambling tax refund, yet few Canadians are aware of their rights. Luckily Certifying Acceptance Agents are around to facilitate U.S. gambling tax refunds for Canadians.
