BUSINESS, FINANCE AND INVESTMENT

Posts Tagged ‘gambling tax recovery’

If you have been to the United States within the past three years and have won any quick bucks gam­bling, then there is good news for you, you could be eli­gi­ble for a gam­bling tax refunds. Only few of non US gam­blers know that the money that had been taken from them as tax, is refunded by the Inter­nal Rev­enue Ser­vice. Accord­ing to the US laws any per­son whether a res­i­dent or a vis­i­tor, has to pay tax if they have won over $1200 in the casino.

Gen­er­ally, non-business gam­bling win­nings received by a non­res­i­dent alien are treated as income not effec­tively con­nected with a US trade or busi­ness and are taxed at a flat rate of 30%. There is gen­er­ally no allowance for gam­bling losses on the non­res­i­dent return. Cer­tain types of gam­bling income received by a non­res­i­dent are exempt from tax­a­tion under the Inter­nal Rev­enue Code. They include casino win­nings from black­jack, bac­carat, craps, roulette, and big-6 wheel. A recent law also exempts cer­tain horse-racing and dog-racing gam­bling win­nings from the income of non­res­i­dent aliens.

Addi­tion­ally, some tax treaties exempt gam­bling income for res­i­dents of the fol­low­ing coun­tries: Aus­tria, Czech Repub­lic, Den­mark, Fin­land, France, Ger­many, Hun­gary, Ire­land, Italy, Japan, Latvia, Lithua­nia, Lux­em­bourg, Nether­lands, Russ­ian Fed­er­a­tion, Slo­vak Repub­lic, South Africa, Spain, Swe­den, Tunisia, Turkey, Ukraine, and the United Kingdom.

But, How To Get a US Gam­bling Tax Refund for non US ?

While the law states that you are enti­tled to get a US tax recov­ery if you are a non US res­i­dent and have won the money within the past three years, but it can be very mys­ti­fy­ing for those who are not well con­ver­sant with the laws and reg­u­la­tions. You would first of all need to have an Indi­vid­ual Tax­payer Iden­ti­fi­ca­tion Num­ber (ITIN) and then you would need to sub­mit W7 form to IRS along with some doc­u­ments such as For­eign driver’s license, For­eign voter’s iden­tity card, Visa as proof of iden­tity and for­eign sta­tus. You can get up to 30 per­cent of the money you won. It can take sev­eral weeks before you finally get your money back as the process and the pro­ce­dures involv­ing the return can be very lengthy.  If you do not want to go through all these has­sles but still need the tax refund then con­tact any of the numer­ous agen­cies that are avail­able who would do the job on your behalf.

You can visit this web­site : http://www.casinotaxrebate.com, if you’re look­ing for a U.S. Gam­bling Tax Recov­ery Ser­vices that can help obtain­ing your ITIN  with a pro­fes­sional and straight­for­ward man­ner. This com­pany estab­lished in 1979, and they are a mem­ber of BBB (Bet­ter Busi­ness Bureau) since 2006 and an IRS autho­rized Cer­ti­fy­ing Accep­tance Agent. They won’t charge you any fee if your tax didn’t refunded.