Thursday, March 31, 2011

Winnings and Taxes

A lot of my friends from back home that travel to the US almost always have to go try their luck at Las Vegas. Somehow a trip in Vegas completes their trip.

It was only recently though that I learned about taxes and casino tax refunds. For my friends who just try their luck for a week or so won’t be affected much. But for those who often try their luck, like perhaps residents of Canada, would benefit from this.

From what I read, casinos are required by the IRS to withhold about 30% of the player’s casino winnings. But through the US Canada Tax Treaty, Canadians may be able to offset their gambling losses against their winnings. If they report this, they may be able to get some, if not all, of their gambling tax back. Aside from Canada, there are other countries eligible for this too so check the listings if your country is included and maybe your trip may be all good after all.

No comments:

Related Posts with Thumbnails
Mouth's Delight © 2009 By: Demcy Apdian-Dias