Casino Tax Refund – An Insight Into Eligibility Requirements
Whether you are a first time winner or a returnee winner, the feeling of win is exciting and euphoric in itself. This feeling is a little bit disturbing, as you have to pay tax for it as this is included in your income earned for that period. These taxes can be reverted to form a part of either US resident or non-US residents’ tax refunds. There are many casino games for both US residents as well as non-US residents that are entitled for casino tax refunds. These include Bingo, game show wins, Keno, Lottery wins, Dog racing or horse racing, slot machine, Black jack tournaments as well as poker tournaments too.
Who all are eligible for qualifying for such refunds?
Everyone is not qualified enough for claiming casino tax refunds. IRS is very strict in choosing the eligibility ground and hence, if you are one who is wishing for getting the casino refund must have full information and awareness on the eligibility so that you should not be frustrated later on. The eligibility criteria of getting casino tax refund are:
-You must be a winner of a taxable game and that must be from a qualified gaming activity since three years.
-You must hold an IRS form1042-S given by the casino for which you played
-Thirdly, you must be a qualified casino game loser that is stated in Canadian US tax treaty.
Getting back the casino tax refund
You can get casino tax refund even after three years of winning the game. This is the reason why it becomes important for you to take note of winnings and loses and it is very much important for all those who are frequent visitors to the casino. You should jot down and make your own record as how much win and how much loss had been there in your game record. These data will help you when you go for claiming the casino refund. You must have tickets, receipts, statements or records as these helps you in proving IRS that you are eligible for receiving the casino refund. If you do not have any such things then you can also show your casino loss through your canceled cheques or bank statements and withdrawals.
Choose out and be a winner
It is known that IRS as tax taken away shares thirty percent of your winning fund, but now you do not need to worry for those thirty percent. As you will hire a specialist who will take charge in getting those back through casino tax refund so you should be tension free now. Even other non-US residents and Canadian residents’ winner can depend on them so that they get even partial or full casino refund tax from the casino. They will help you in assisting you and guiding you through step-by-step process. Enjoy playing and feel great when you are the winner of the casino as you are sure to get casino tax refund.