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Exposing Chimera of Casino Tax Refund

By: Shane W

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There are some ways to get back your money which you have paid on your gambling winning in the form of tax. After winning a certain amount, you have to pay tax on the winning amount which is considered to be legal in the countries like US and Canada but these taxes are refundable subject to certain conditions.

If you are not resident of USA then 30% tax of the gambling winning amount is deducted. IRS charges this withhold tax on gambling winning. The treaty of US-Canada allows the Canadian residents to offset gambling losses against their winnings. On form 1042-S, Canadians can have casino tax refund on their gambling winnings. To get a refund you must know whether you are eligible of getting tax refund or not. The tax paid on the following activities is refundable:

• Gaming: To play for stakes with expectation to win. It can also be inclusive of paying something in order to win a prize.

• Keno: It is played with balls instead of counters and it is a kind speculation. The balls are numbered and are drawn randomly and the corresponding numbers have to be covered in the cards.

• Blackjack Poker: It is casino banking game and is played widely. In this game skill of an individual is involved, and is a mixture of chances. A set of card games sharing gambling rules and hand rankings is called Poker.

• Slot Machines: Some machines are also used for gambling, these machines are called Slot Machines. A Slot Machine contains three reels and machine starts moving when a button is pushed.

• Dog/Horse Wagering: This type of betting is quite different as compared to other sports. In this betting, you select animal of your own choice and if the right animal is selected then you may become lucky enough to win a huge jackpot.

• Bingo: This game is played with cards and money and an individual can win a heavy amount.

On all the above mentioned gambling, refundable tax is charged.

But the early feelings of delight and excitement start decreasing gradually when a thing comes to mind that you will have to pay taxes on the gambling winnings. US gambling refunds may include withheld taxes and is applicable on both non US and US residents. The tax is refunded after getting a filled form 1042-S from the individual, which is given to him by the casino. You can have a casino tax refund only if the winning is taxable and is from qualified gaming activity in the previous three years. And to have casino tax refund you have to be a qualified loser as Canadian-U.S tax Treaty has defined.

You can claim gambling tax within three years after winning time. Casinos keeps the records, receipts, tickets and statements of the winners and losers, and winning or loosing information is confirmed from the casinos before giving you refund amount.

So you do not have to be worried if you have paid tax on your winning and do not know how to apply for refund because there are refund management services that help you getting your Casino tax refund.

Article Source: http://depositarticles.com/

“Non-US gamblers would feel pleasure to hear that they are eligible for casino tax refund within three years if they have track record of their winnings. Apply for your casino tax refund with confidence if you find yourself eligible”

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