Gambling Winnings Tax How To Recover Gambling Taxes
Learn how to recover the gambling tax you’ve paid on money you’ve won in legal casinos in the United States. The gambling tax is taken right off the top of any win over $1200. If you’re a legal resident of another country – Canada, for example – you may not be obligated to pay this tax, and can recover the withheld money from the IRS. As the tax makes up 30% of your winnings, that has the potential to be a lot of money.
Recovering your gambling taxes is a multi-step process. The first step is to ascertain exactly how much you paid on your win. This amount will be printed on the win slip you received from the casino at the time your win was processed. If you’ve since disposed of this win slip, you can engage the services of an online firm that specializes in helping people recover gambling taxes. They will be able to obtain this information for you, as well as provide valuable insight into the rest of the tax recovery process.
The next step in the process is to determine if you qualify for gambling tax recovery. In order to qualify, you must have made your win within the past three years, and must be able to prove that you were a legal resident of another country, and not a US citizen at the time of the win.
The successive steps in the process involve dealing with the IRS itself. This can be a labyrinthine process, made all the more confusing if you’re not familiar with dealing with the IRS in the first place. Making use of a firm that specializes in tax recovery will simplify the process, and allow you to get your refund much sooner. Such firms are familiar with the workings of the IRS, and with the precise forms and documentation required to obtain a return of US gambling taxes.
Many people from other countries visit the United States each year to gamble in US casinos, especially in locations such as Las Vegas, which is considered the ultimate gambling haven in North America. Most of these people don’t even realize that, as non-US citizens, they are not obligated to pay the full tax on their gambling winnings. They don’t realize that with the proper forms and documentation, they could recover the money withheld from their jackpots. Don’t make this mistake – by engaging the services of an online tax recovery firm, you can retrieve your lost funds.
Resource: If you paid a gambling tax on money won at a US casino and are not a citizen of the United States, you may be able to recover those lost winnings. Find out the criteria for doing so by visiting US Tax Recovery.