Your flight is booked, your hotel room is reserved, and you’ve heard your calling for the bright lights and casinos. Before you head down to try and press your luck on the casino floors, take a look and be prepared for what comes after you’ve won.
The Rules
Imagine winning it big in Vegas, or hitting the jackpot in Atlantic City. Where ever you decide to test your luck in the United States, it’s important you know the rules before you roll that dice. By law, casinos and gambling establishments are required to deduct up to 30% of your winnings, due to a withholding tax employed by the Internal Revenue Service (IRS). This tax applies to:
- Slot Machines
- Betting on races
- Lotteries
- Card Tournaments (for example, blackjack)
- Keno
Depending on how much you win, the Casino is required to deduct between 25% and 30% of your winnings.
Hitting it big – what’s next?
You’ve cashed out, but it’s 30% short – now what? It’s important to keep the IRS form that the Casino gives you upon cashing out. It holds important information that is needed when filing for a refund. It’s also important to keep a journal of the activities and the wins/losses you incurred. For specific games, please see below:
- SLOT MACHINES: Write down the slot machine number, usually located on the front of the machine, as well as the amount you won and the date you played
- RACING: This refers to horse racing, dog racing, etc. Keep a detailed journal of your wagers and the amount collected on your winning tickets. It’s important that you also keep your losing tickets and the amount of wagers in total, as well as the date and time. This will help prove your claim.
- LOTTERIES: Write down where and when you bought the ticket (or keep the receipt if possible), and how much you won versus how much in total you spent playing.
- KENO: Keep all the tickets that you purchased from the Casino as well as any other applicable documentation you may receive while playing.
Can you help me recoup my winnings?
U.S. Tax Recovery is dedicated to helping individuals retrieve the maximum amount of the withheld tax. We can help answer your questions concerning your eligibility, help you obtain an Individual Taxpayer Identification Number (ITIN) for a faster refund process, and compile and send all your necessary documents. Best of all, we make getting your money back as simple and stress-free as possible to you.
U.S. Tax Recovery is recognized by the IRS as an Acceptance agent. They’re specialty is assisting Canadians and Non US Residents in recovering there US Gambling Refunds.
If you gambled in the US and are a resident of another country, you may be entitled to getting a casino tax rebate for the taxes you paid.
Contact U.S. Tax Recovery for more information on how to get a gambling tax refund at 1-866-TAXES-US (1-866-829-3787).