Tax Refund Services for Horse Racing Winnings
Horse racing is a fun and thrilling sport that has a lot of history in the U.S. It consistently draws crowds of onlookers for each race who are anxious to put wagers on the horse of their choosing. Canadians often make the trip south to engage in the wagering and should know their rights when it comes to taxable winnings and how to recover those taxes, as should a non-U.S. resident.
All About Horse Racing Winnings Tax
There is no way to avoid it, if you as a Canadian or other non-U.S. resident placed your bet from a U.S. location, you will be taxed on your winnings from horse racing. Taxes will be in the 30% bracket, but once back on your home soil, you could be eligible for a U.S. gambling tax refund.
Who Can Claim a Tax Refund for Horse Racing Winnings?
The rules on horse racing winning refunds are even more complicated than tax refunds on other gambling games. Other than your total gambling earnings having to be equal to or greater than your horse racing winnings, the winning amount must be 300 times higher than the original wager. That is only part of the complication, which is why it is encouraged that you hire professionals to properly assess whether you are eligible for a tax refund on your horse racing winnings and determine what percentage of that refund you are entitled to.
Get Your Tax Back with Our U.S. Gambling Refund Services
Refund Management Services has helped thousands of Canadians and other non-U.S. residents reclaim U.S. gambling taxes. With our proven expertise, we remove any risk on your part by not receiving any payment until or unless you are paid your tax return. Trust us to orchestrate the complicated laws around horse racing and the refunds to which you are entitled.