27 de abril de 2009

" Recover your Gambling Tax"

Canadians who gamble in the United States may find that 30% of their winnings are withheld to cover U.S. non-resident's tax. Under certain circumstances, this gambling tax can be recovered by filing a “US tax recovery”. Never forget that the IRS requires casinos and other gambling establishments to withhold 30% of the gambling winnings of Canadian visitors to the U.S.

However, if you also have U.S. gambling losses during the year, it is possible to file a return, deduct those losses from your winnings, and receive a refund of the tax withheld. You must have received 1042-S forms (or W-2G forms) from the gambling establishments showing income and tax withheld, and you must be a U.S. non-resident, for this procedure to work.

Nevertheless, people from countries like Austria, Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Netherlands, Russian Federation, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Tunisia, Turkey, Ukraine, and the United Kingdom; do not have to establish gambling losses in order to claim full gambling tax refunds.

So if you want to get your “casino tax refund”, you can use professional help, or you can deal with IRS by yourself. But remember, we are living in an economic crisis, and every dollar counts!

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