All of us love winning when we gamble. Casino winnings take a lot of effort and luck and not everyone turns out to be a winner.
All of us love winning when we gamble. Casino winnings take a lot of effort and luck and not everyone turns out to be a winner. Yes, there are cases when someone has a windfall and the amount won is huge. The entire floor cheers and claps and it is a wonderful feeling indeed. However, when the winner claims the amount that was won, he or she finds out that the amount doled out is 30 percent less than the actual. It is a frustrating experience. Las Vegas, the gambling capital of the world, is no exception. Taxes are levied here as well. Las Vegas tax is consistent with the rest of the country. But there is a way to get a refund.
The majority of gamblers flock to Las Vegas to gamble. Billions of dollars are exchanged as win or loss. By law, gambling houses in the country (Las Vegas included) are required to withhold 30 percent of winnings as taxes. Las Vegas tax is a reality and it is here to stay. 30 percent less casino winnings is a big amount if someone has won considerably. But nothing can be done except to get a refund. It is important to remember that refund is only possible in case of non-US citizens.
If you have paid Las Vegas tax and seek a refund on your casino winnings there, you must consult professionals. Recovering the tax can be a complicated process and there is a lot of documentation and follow up needed. As an individual, you will neither have the time nor the resources to follow the process. A better option is to let a professional company handle the process. Before you contact a tax recovery company, make sure you claim the Form 1042-S from the gambling house.
Las Vegas tax can be recovered within three years of your casino winnings if you were a non-US citizen at the time you won the amount. If you have an ITIN number, the process generally takes about eight weeks. In case you don’t have an ITIN number, you need to first apply for it and the entire process for refund can take anywhere between 12 to 18 weeks. As an individual, you will not be able to handle so much. However, if you go through a company that specializes in these matters, then you will get to do your job while they handle this matter. These companies charge a very nominal fee and try their best to ensure that you get your refund. Some of the companies also don’t charge a fee if the refund is declined for some reason.
The IRS has a valid reason for withholding part of your casino winnings as Las Vegas tax. It is a gain for you and you are supposed to pay tax to the government for your winnings. The form 1042-S is issued by the gambling houses so that the IRS does not tax you again. Let a professional company help you out because as an international citizen, you are eligible for a tax refund.
Your casino winnings in Las Vegas will attract a 30 percent Las Vegas tax . You can get a refund easily if you go through the right channels.