I won money gambling in the U.S. and the casino took a lot of tax, can I get any back?

Posted in General, Personal Tax US

The short answer is yes, however, some preparation is needed.  Some games are exempt from tax and others are not, so it matters which game you won while playing.

You will want to keep a journal of your winnings and losses so that during any given tax year, you will know how much you lost as well as your winnings.

That way, you can apply your losses against the winnings to get some of the taxes pay which are withheld from your big payout. You will always want to know how much it took ‘in’ to get that payout.

If you don’t already have a U.S. Social Security Number, or an ITIN, you will need one in order to file a U.S. tax return to get your tax back.

Our office can do your application for an ITIN and U.S. tax return filing at the same time which is very convenient.

Please contact our office, and don’t wait too long, there is a time limit on how many years back you can go!

Bookkeeping, Accounting & Tax Services You Can Count On.

Give us a call today to see how we can maximize business bookkeeping efficiencies and minimize personal and business tax risk.

Get Started