I Have Won Big! Now Need A U.S. Gambling Tax Refund.
Canadian gamblers obviously love to gamble. Sometimes these Canadians wander south and test their luck at U.S. casinos. When Canadians win big at U.S. casinos, they are often hit with the dreaded Internal Revenue Service (IRS) taxes on gambling. Then they’ll have to seek out IRS tax recovery services to help with a U.S. gambling tax refund.
The term ‘IRS tax recovery‘ sounds about as interesting as most high school essay topics. In other words, ‘IRS tax recovery‘ sounds like the cure to insomnia. Unfortunately, while ‘IRS tax recovery‘ may sound boring, IRS tax recovery services are necessary for any Canadian gambler wishing to receive a U.S. gambling tax refund.
What Is The Threshold For The Tax On Slot Jackpots?
The IRS tax on slot jackpots takes effect at $1200 US. There is no tax on slot jackpots for wins of $1199.99 US or less. The tax on slot jackpots is a flat 30% of all slot jackpots of $1200 US or more. The tax on slot jackpots is applied to all slot machine wins in the United States. The IRS tax on bingo wins is also set at $1200 US. Yet keno wins have a $1500 US tax threshold.
The Laws Regarding The U.S. Gambling Tax Refund
Under IRS laws, gambling losses can be deducted from gambling wins. Thus anyone who has paid the IRS gambling taxes who also has corresponding gambling losses is eligible for a gambling tax rebate. If their gambling losses are smaller than their gambling wins, they will receive a partial gambling tax rebate. If their gambling losses are as large or larger than their corresponding gambling wins, they will receive a full gambling tax rebate. Since the vast majority of gambling winners have significant gambling losses, just about every person who has paid IRS gambling taxes is eligible to receive a gambling tax rebate.
Obtaining A U.S. Gambling Tax Refund
While the IRS tax laws specifically entitle most gamblers to obtain a U.S. gambling tax refund, actually obtaining a U.S. gambling tax refund is fraught with frustration. The IRS is infamous for its bureaucracy. Furthermore, the IRS is specifically set up for domestic purposes. The IRS has very few resources for foreigners trying to obtain a U.S. gambling tax refund. Think of it, what incentive does the American tax department have to provide a U.S. gambling tax refund to foreigners? Both Canadian and American accountants are generally unsure of the methods to obtain foreign tax refunds. It is just such an obscure procedure.
There are also eligibility procedures and required proof of the Canadian gambler’s identity, involving sending the Canadian applicant’s original passport to the IRS. Then there are long waiting times, all without any guarantee of obtaining an actual gambling tax rebate. Stories of people applying multiple times for one theoretically straightforward tax refund are not uncommon.
Certifying Acceptance Agents And Obtaining A U.S. Gambling Tax Refund
Certifying Acceptance Agents have been certified by the IRS to help Canadians and other non-Americans with their US taxes. Certifying Acceptance Agents have been verified to have the requisite knowledge and professionalism to help Canadians and other non-Americans with American taxation. They can streamline the U.S. gambling tax refund process and guarantee the largest, most thorough US tax refund.
Canadians should be able to enjoy their US gambling wins. Dealing with the IRS and pursuing a U.S. gambling tax refund is better left to the professional firms, with Canadian gamblers enjoying their casino wins while gambling in the United States.
Source by Martin Downer