How To Bring Home Your Casino Booty
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Every year people across the world flock in to the numerous gambling hot spots in the United States. Canadians are no exception to it. Though Casinos in Las Vegas and Atlantic City top the popularity charts there are some very popular Native American Casinos too. But amidst all the fun and pleasure, it is the involvement of the Taxes on Casino Winnings that has raised the frown among the gamblers. According to the Internal Revenue Service, popularly known as (IRS), 30% of the US Casino Winnings of the Canadian visitors are to be withheld by the U.S Tax department. However, under certain state of affairs the tax can be recovered by filing a 1040NR return. It will deduct the losses from the winnings, and receive a refund of the tax withheld.
The IRS clearly states in their website that it is imperative to keep and maintain a precise record of winnings and losses. In order to substantiate the losses, gamblers should be able to provide necessary documents such as receipts, tickets, statements or other records that show both the amount of winnings and losses. They should keep a track of the location, date, type of gambling activities, and the total amount won or lost. Though the records do not need to be submitted along with the tax returns, individuals should be capable of presenting it before the court if requested by the IRS for casino winnings refund.
In case of unavailability of U.S. Individual Taxpayer Identification Number, also known as (ITIN), a Canadian tourist can make application by submitting Form W-7 to the IRS along with their tax returns. The application process involves submission of certain documents as identity proof and confirmation of their foreign status. There are 13 documents that are accepted as proof of identity by the IRS. It accepts notarized or certified copies of at least two or more documents listed below:
1. Foreign driver's license
2. Civil birth certificate
3. U.S. state identification card
4. U.S. military identification card
5. U.S. Citizenship and Immigration Services
6. Foreign voter's registration card
7. Foreign military identification card
8. Visa
9. Medical records for those who are dependents or are under 14 years of age
10. School records in case of dependents or students
Since Canada has a tax treaty with America, US Gambling Tax Refund for Canadians are likely not to get a full refund of the withholding tax. In such a scenario, a good professional service can be of great help to get the maximum money back. If a Canadian has won a considerable amount, he or she can seek the help of a professional casino refund service to get back some of the booty. It is always advisable to opt for a professional service such as Casino Tax Rebate, as they have a better insight into the tax laws of both the United States and Canada. They can be of great help in filing the necessary forms and can help maximize the refund amount. What further adds to the popularity of the company is that they don’t charge the client unless they get the casino refund for them.
With professional services easily available, refund of casino winnings have become very easy for Canadian citizens!
About the Author
Casino Tax Rebate is company that specializes in helping International visitors to the USA recover the 30% gambling tax. Find out more Visit - casinotaxrebate.com
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