Canadians winning in Las Vegas – any tax refund concerns? 

by Layla Kent Sunday, March 20, 2011
Las Vegas is a famous casino spot. Due to its popularity, Canadians even come and play the game in this city in Nevada. With Canadians winning in Las Vegas and becoming hooked to gambling, more pay millions of dollars to the US IRS in terms of taxes. What can your option be if you are a Canadian winning in these casinos? There is such a thing as Casino tax refund for Canadians. Yes, there is a legal way by which you can pursue a tax refund for the tax levied on your winnings.

Before you get to know about Casino tax refund for Canadians, it pays to take a look at when your winnings are being charged by IRS for tax purposes. There is a certain minimum threshold to impose tax on your gambling winnings. The IRS charges taxes if you win $1200 in slot machines or bingo jackpots. Keno jackpots, on the other hand, will be charged at $1500. Other charges may apply depending on how you won in the casinos. As Canadians winning in Las Vegas, it is your duty to know more about when the IRS will charge you. There are provisions including 'such that' and 'whichever is higher'. Better check on them.

How can you avail of the Casino tax refund for Canadians then? Per US Tax code, you are allowed to get a refund equivalent to your corresponding gambling losses. Partial or full refunds on US-based losses will be given to the gambler. Partial refunds are given if your loss is smaller than your winnings. Meanwhile, full refunds are allowed if your losses are equal or larger than what you have won.

Why should you pursue a Casino tax refund for Canadians? Well, pursing a tax refund is a complicated process. Yet, as Canadians winning in Las Vegas, you have to know that you have the right to tax refund. It may take time to ask help from the IRS to get through this. You see, even Americans themselves may have a hard time getting the promised refund they can get.

You have to find ways on how you can obtain the IRS tax recovery. The IRS itself may not be the right venue. Expect that it may provide you with worthless information and may ask for demands that you may not be able to render. If you approach the IRS, tendency is you will end up giving up on tax recovery. You might as well go home and cry over what you have lost to tax for some time.

There is an easier way by which you can obtain Casino tax refund for Canadians. The US Government had licensed some small Canadian firms that will take care of taxes connected to Canadians winning in Las Vegas. These firms were licensed in response to the many complaints made by Canadian gamblers. They also act on your behalf when dealing with the IRS. With this said, you no longer have to regret ever winning in a US-based casino. Enjoy your tax refund through the help of these venues.

Resource Box: Are you one of the Canadians Winning in Las Vegas casinos? You may be in need of Casino Tax Refund for Canadians then. You can visit our site for help.

General | Categories: financial
0    submitted by Layla Kent
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