Casino Winnings Tax Information
Casino Winnings Tax
Your Casino Winnings May Not Be Subject to Taxes
Going to casinos can be a lot of fun and it can be even better when you win a little money. The experience is exhilarating. However, when you discover that the IRS will deduct thirty percent from the amount you win, your spirits could be a little deflated. However, not many Canadians know that tax returns on your casino winnings are possible. The situation can be on your side if you know how to get a refund on the amount that was deducted from your winnings.
Tax refunds may not be applicable to all non-residents, but for Canadians, international tax law is on your side. Because of the treaty signed between US and Canada, casino winnings taxes for Canadians are subject to refund. This particular treaty describes how these taxes should be treated by Canadian citizens gambling in US casinos and winning money. This treaty states that any income won by Canadian citizens from gambling will be subject to 30% withholding in the form of US taxes. The IRS states that gambling establishments and casinos should deduct this 30% amount from the winnings of all international visitors.
Again however, it is possible to get a refund of these taxes using a specialist like Casino Tax Rebate. Because of the Tax Treaty between Canada and the USA, Canadian citizens can offset their gambling losses against their winnings. These are to be reported on a casino winnings tax form. If done correctly, you may be able to get all or at least some of your tax back! Canadians, as well as residents of a few other countries, can qualify to get a refund from the 30% tax deducted from their casino winnings.
Rather than dealing with the IRS on your own, the best thing would be to contact an authorized IRS Acceptance Agent qualified to provide you with an Individual Taxpayer Identification Number (ITIN).
Casino Tax Rebate® is just such a firm.