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Know More About Casino Tax Refund For Canadians When You Pay Us Casino Tax
Canadians love to visit the US casinos and gamble in these super hot establishments. A typical US casino is not only about slot machines and blackjack tables. It is also about those concerts and stage shows, the free drinks and stay options and the supercharged ambience all around. However, Canadians visiting the US for gambling also fear the US casino tax on casino winnings that is imposed by the IRS. But the IRS offers casino tax refund for Canadians and this is what makes gambling in the US so interesting for the Canadians.
All this news about casino tax refund for Canadians sounds very interesting but it is actually a complicated process. US casino tax is imposed by the IRS when the winning is generally more than USD 1,200. There are different tax slabs for different games. For example, tax is imposed when the winning in keno is more than USD 1,500. The IRS imposes a flat 30 percent as casino winnings tax. So, if someone wins USD 1,500, the casino tax will amount to USD 450, a substantial amount.
As a Canadian, you will need to pay the tax at source. This means that the casino will deduct 30 percent of your ...
... winnings and hand over the rest of the money. It is later on that you will need to apply for the gambling tax refund. It is a fact that most people don't bother to apply for casino tax recovery because they think it is a complicated process. But when you look at the amount that is bound to come back to you as casino tax refund for Canadians, you may want to think otherwise. Why would you pay US casino tax when you are eligible for a refund? It is perfectly legal.
What you need to do first is calculate your losses against your winnings. The US casino tax can be reduced when you offset your winnings against your losses. If you won USD 2,000 in blackjack but lost USD 500 in roulette, you are only liable to pay US casino tax on USD 1,500. If your losses are more than your gains, you are not liable to pay a single dime as tax. The IRS will make sure that they refund the entire deducted tax amount.
Since it is possible to obtain casino tax refund for Canadians within three years of winning, you must keep a note on the amount you are winning or losing. If you are a frequent casino visitor, this becomes all the more important. You must also obtain the IRS form 1042-S that will be given to you by the casino. This form is a receipt of the US casino tax that has been deducted at source for your casino winnings.
If you don't know much about US casino tax but only know that there is a casino tax refund for Canadians, you would do well to hire a certifying acceptance agent. These people will take you through the entire process and documentation and bureaucracy associated with the refund. You will benefit from the extra money available to you.
Are you a Canadian resident who has just hit a jackpot in a US casino? Are you now anticipating a large US casino tax ? The IRS allows casino tax refund for Canadians that will help you get huge refunds on your casino winnings.
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