Us Tax Recovery Casino Winnings

Tips for Claiming Tax Back from US Casino Winnings

• For many of us, gambling means buying the occasional lottery ticket on the way home from work, but the Internal Revenue Service says that casual gambling also includes raffles, casino games, poker, sports betting—and, yes, even fantasy football. When you win, your winnings are taxable income, subject to its own tax rules.
• US Tax Recovery is a withholding tax recovery service that specializes in casino tax recovery on behalf of Canadians and other non-US citizens. Each year, millions of visitors to the United States win money in legal casinos, and find themselves having to pay a 30% withholding tax on these winnings.

However, there are companies that can help you in US tax recovery for casino winnings. The Casino jackpot taxes are heavy, yet educated gamblers can obtain a refund of the US gambling tax. Thanks to the Canada US tax treaty, Canadian gamblers are technically afforded the same rights as American gamblers. Your gambling winnings are generally subject to a flat 24% tax. However, for the following sources listed below, gambling winnings over $5,000 will be subject to income tax withholding: Any sweepstakes, lottery, or wagering pool (this can include payments made to the winner(s) of poker tournaments).

You won big in Las Vegas, Atlantic City, Reno, or one of the other gaming destinations in the U.S. Once you win a jackpot, you’re faced with a very unpleasant revelation: you are immediately taxed on your winnings. However, Refund Management Services advises that there is a way to get all or a portion of your taxes back from the IRS.

You can win a lot of money gambling in the United States. Of course, that means you’re also subjected to a casino winnings tax.

If you’ve made a trip to the U.S. and your gaming winnings are high enough or you win a prize and take the cash equivalent, the IRS will deduct 30% off of your winnings. Nobody wants Uncle Sam to withhold their winnings.

Still, there’s no reason to avoid the gaming tournaments or slots when you’re south of the border. Here is what you need to know about before you travel to the US to gamble and how to claim and get tax back from us casino winnings.

• Once your US casino winnings pass a certain threshold (which differs by casino, but is often $1,199) you will be subject to withholding tax. When this happens, you will be issued a W2-G or 1042-S slip.
• Don’t wait more than three years to claim gaming winnings on a tax return; that said, if you’ve won in the current year, we will be filing a claim at the beginning of the next calendar year. Most of our customers typically contact us within a few days of returning to Canada or their country of origin, so we can begin preparing the paperwork for them to get the refund that is rightfully theirs. If you delay submitting your claim, you won’t be entitled to a refund after 3 years.
• Keep track of all your US wins and losses every time you go, reporting your losses will maximize your return.
• It’s not just US casino winnings that are taxed, other gaming activities can be taxed like lotteries, raffles, and races.
• Remember that you can also claim taxed gaming winnings on a variety of games, such as lotteries, raffles, and horse races.
• When it comes to getting tax back from US casino winnings, you have a few options:

How To Get Tax Back From US Casino Winnings

Nearly four million gamblers win big in gambling cities across the U.S. and the IRS deducts taxes from all of them. However, as a non-resident of the U.S., there is a way to get your casino winnings back from the U.S. by hiring Refund Management Services to go through the process of obtaining a casino winning tax refund from the IRS. RMS is the easiest way to get your money back.

If you win $1,199.00 or more, contact Refund Management Services and we will obtain your taxed gaming winnings by filing a tax return. Take the stress out of the process by letting our trained experts handle it for you!

At the end of the day you have two options:

Option 1: Claim Tax Back from US Casino Winnings On Your Own

It is possible to file your own withholding tax return. While this may save you a small amount of money, it is only advised if you feel confident in your withholding tax filing skills. Much like your annual tax return, with so many opportunities to leave money on the table or make costly mistakes, claiming tax back from US casino winnings on your own can leave you in a costly position. Every year we deal with clients who have been denied their withholding tax refund by the IRS after filing independently. It is complicated, time consuming, and expensive to appeal this decision, so it’s often not worth the risk.

Option 2: Use a Withholding Tax Refund Professional

These folks make it their business to get your tax back from US casino winnings. Although there is a fee associated to using a withholding tax professional, they will ensure you don’t make any costly mistakes. To make sure you make the right choice, look for the following in your withholding tax professional:

Us Tax Recovery Casino Winnings Calculator

1. Relationships with Casinos & Gaming establishments:

To start your claim process, you will need the IRS form 1042 from the casino you were playing in. If you misplaced it, that won’t be a problem for a reputable withholding tax refund professional since their relationship will allow them to easily recover it from the casino you were playing in. Even if you haven’t misplaced your form 1042, this is still a good quality to look for in your withholding tax refund professional.

Us Tax Recovery Casino Winnings 2019

2. Honest About Your Refund Timing

Although speed is of the essence when you’re looking to get your refund, due to the IRS wait times it is important to know that you’ll be waiting 6 months at a minimum but usually a full year before receiving your US casino winnings tax back. This is AFTER the claim is submitted. Any agency that tells you you could receive your US casino winnings tax back sooner is being misleading to get your business.

3. Agent of the IRS

Us Tax Recovery Casino Winnings Tax

Agents of the IRS are people or companies that are allowed to certify your ID, a requirement when claiming tax back from US casino winnings. This means one less chore for you when making your claim.

4. Excellent Track Record For Claim Approvals

The firm you use to claim tax back from your US casino winnings should boast at least a near perfect record when it comes to rightful claim approvals.

5. Owned and Operated by a Canadian Chartered Accountant

When claiming your tax back from US casino winnings, ensure the withholding tax specialist is a Canadian chartered accountant. This ensures your return is being handled by people with the appropriate expertise to be handling taxes. It will also provide you with insurance that your sensitive information will be handled professionally.

6. A Withholding Tax Industry Veteran

We are the longest standing withholding tax agency in the industry for a reason. Avoid leaving your refund in the hands of someone less experienced by choosing a withholding tax specialist who is tried, tested, and true.

7. Makes Casino Winnings Tax Refunds Easy

If you find you’re filling out multiple forms, your withholding tax professional is not earning their fee. The point to using a service when getting tax back from casino winnings is that they do all the leg work and make sure it’s done right.

RMS is the leading provider of withholding tax services for non-US residents. Learn why RMS is the right choice for claiming tax back from your US casino winnings and apply now for free.

About USTR

US Tax Recovery (USTR) is a Canadian-owned company. Our professional experts have been offering Withholding Tax Recovery Services to Canadians and other non-US citizens since 2001. We have successfully assisted in the recovery of millions of potentially lost gambling taxes for Canadians and other non-US residents.

If you are not a US resident, and have won money in a legal casino in the United States, chances are that you’ve had up to 30% of those winnings withheld for the US gambling winnings tax. Contact US Tax Recovery today. Our specialists are on hand to answer your questions, determine if you’re eligible for a casino tax refund, and assist you in obtaining that refund.

How We Can Help

Have you won money at a legal casino in the United States? Were you surprised to realize that your winnings were taxed up to 30% by the IRS? US Tax Recovery professionals will obtain a casino tax refund on your behalf. They will get back all or part of the taxes you paid on your gambling winnings. You don’t need to worry about confusing forms and documentation requirements, as US Tax Recovery will complete and file all the necessary forms for you.

What We Do

Us Tax Recovery Casino Winnings 2018

We specialize in recovering the tax you paid on your gambling winnings. Our professional experts will make the process of tax recovery simple and hassle-free.

• Hassle-free and professional service
• Form completion and submission
• Free consultation
• US gambling tax recovery
• Our policy is simple. No refund – no fee

If you’ve lost your 1042-S form, don’t worry. US Tax Recovery will assist you in obtaining a replacement 1042-S form. Once we have your replacement form, you are ready to apply for a refund of your gambling winnings tax.

How We Do It

Over the past decade we have perfected the art of US tax recovery. We keep up-to-date on all the IRS filing rules and regulations, remain current with all the various tax rules and forms and through repetition have streamlined the process of gambling tax recovery.

Upon your first contact with US Tax Recovery, you will be relieved to find that our professional experts will do all that is necessary to recover the taxes withheld on your US gambling winnings. We will determine your entitlement to a casino tax rebate, obtain whatever documentation you cannot provide us and file for your refund.

It is that simple! US Tax Recovery will complete the process for you from start to finish.

Contact us today to get your Casino Tax Refund.