Frequently Asked Questions
Q - What is the best way to prove any losses at a casino?
A - There are several ways of keep track of your gambling losses
- Casino player’s card
- Bank or ATM slips showing withdrawals from your account
- Wagering tickets or slips
- Checks and bank statements
- Statements showing your winnings or receipts showing your payments that were issued by the gambling establishment
The best way to keep track of your losses is to use a Casino Players Card that you insert into the slot machines. Using a Players Card will help keep track of your winnings and losses at that specific casino for a given year.
At the end of the year the casino(s) you had attended, will mail you a copy of your win/loss statement. This statement will provide a summary of your gambling winnings and/or losses.
If you are a Poker player keep the receipts of the buys during a Poker Tournament and note the wins and losses within the US.
Make sure to include the following when recording your Casino Gambling Losses.
- Date and type of gambling activity or wager you placed
- Name and address of the place you gambled
- Names of other persons that were with you while you gambled
- Amount you won or lost
Q - What games are exempt from Tax on Gambling Winnings?
A – Various games are exempt from withholding taxes such as Black Jack, Baccarat, Craps, Big-6 Wheel, and Roulette. If the casino has deducted taxes from any of these games you are entitled to the complete refund without having to prove your losses.
Q - How do I qualify for a Casino Tax Refund?
A – You need to fulfill these criteria’s to be eligible for a Casino Tax Refund for Gambling Winnings.
- If you Won Gambling at a US Casino in the last 3 years.
- If you were not a resident of the US when you won
- You have been issued a 1042-S form from the IRS for Canadians as well as a Casino Tax Win Slip from the Casino that you received your winnings.
- Have the necessary identification documents for your Casino Tax Refund
Q - What Documentation do I need to get my ITIN number and How long does it take to get Casino Tax refunds?
A – The IRS requires you to have the following, ensure that you have the originals
- Either a birth certificate or driver’s license which is valid
- Passport being used currently
These documents are necessary so that your ID can be notarized and these documents will be sent back to you by the irs through registered mail.
If your ITIN application has already been processed and you have received the ITIN, you can recover gambling taxes within eight or ten weeks. However, if you just sent the ITIN form and have not yet got your ITIN, the process takes anywhere between twelve and eighteen weeks.
Q - Is it possible to Recover Gambling Taxes from the IRS’s withholdings immediately?
A - Since all taxes on gambling winning are reported and filed once each year, you will need to wait until the 1st of January to receive your USA Tax Refund. You may still send in your forms and slips for a Casino Tax Refund prior to the start of the year. The sooner we receive your information at our office, the quicker we will be able to get your tax refund back in your hands.
Q – How long do I have to claim Casino Tax Refunds?
A – Visitor Tax Refunds for Foreigners can be claimed up to 3 years from Casino Winnings.
Q – How will US Tax Recovery help me Recover Gambling Losses?
A - We assist our customers by enabling them to send the ITIN form, make the ITIN application and thereby helping them reclaim taxes to prepare them for tax refund for visitors. Within just a couple of weeks, people can recover their wins from casino gambling or any other game! When it comes to us tax recovery, we are your best bet in getting the job done faster!
Q - What if I am not from Canada? Are foreigners also exempt from the IRS Tax on Gambling?
A – If you are a non resident of the US you are eligible for a Casino tax Refund. However, when you win your casino gamblings, you should be able to prove that you are not a resident of the US at that time. Several treaty countries are eligible for international tax refunds on lottery winnings. You can contact us at us tax recovery to check if your country is exempt from paying taxes on gambling winnings.
In addition to Canada the following other listed countries qualify: 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. These listed countries do not have to establish gambling losses in order to claim a full refund.
Losses be applied against Wins to reduce Casino Winnings Tax?
A – Various countries like Canada formed a treaty agreement with the USA during 1996 wherein particular gambling losses can be placed against gambling winnings to either eliminate or at least reduce taxes on casino winnings. As per the irs regulations, persons wishing to recover irs withholdings need to substantiate their gambling losses with proper documentation and proof as well as valid receipts. However, you cannot reduce blackjack taxes, roulette, craps, baccarat or Big-6 wheel etc. by placing the losses against gambling winnings because these games are exempt from gambling taxes.
Q - Can I apply for other games such as for lottery winnings refunds apart from conventional casino gambling activities?
A - At US Tax Recovery, we assist you in getting Gaming Tax Recovery for Canadians as well as other foreigners. Thus, we assist with tax recovery for games like horse and dog wagering, taxes on casino winnings, keno, lottery winnings refunds, gaming tournaments as well as game shows.
Q - Are gambling winnings taxed in Canada and in which currency will I get paid the tax refund?
A - Gambling Winnings or any other casino winnings are not taxed in Canada. The tax refund is paid in USD or US Dollars. .
Q - I have lost my irs form given by the casino in US. Can I still manage to reclaim taxes?
A – Yes at US Tax Recovery we assist you in getting your IRS 1042-S form from Casino in the US. If you misplace or lose the 1042-S form we will not charge you to replace it.