Getting a Tax Rebate on Poker Winnings
Poker has steadily become one of the more popular gambling games in America. With matches being played on TV, many have become open to poker as a game that is not just luck, but that also involves a lot of skill and an innate ability to read people.
There are instances where winnings from poker are not taxed in the U.S., but in most cases the winnings are taxable. This is why it’s so important to know how the system works.
Learn More About Tax on Poker Tournament Wins
If you are not a U.S. citizen and attend a poker tournament held in the U.S., and your winnings exceed $5,000 of the original buy-in, then your winnings will be taxed at a rate of 30%. This may change if you have entered and win a tournament at a U.S. Indian Tribal Casino. In this situation, it is possible that all of your earnings, despite the amount, may be taxed.
Who is Eligible for Poker Tax Refunds?
This can be a tricky question to answer, as there are several variables that need to be considered. Generally speaking, however, you are eligible for a partial poker tax refund if your same-year gambling losses are less than or equal to your gross poker winnings. If these same-year gambling winnings are greater than your poker earnings, then you are eligible for a full refund.
Get Your Poker Tax Back
Estimating a casino tax refund on poker or any game for that matter is a complicated process and one that should be left to professionals. Refund Management Services consists of experienced professionals who have provided expert services to Canadians and other non-U.S. residents gambling in the U.S. since 1998. We know all the necessary details and understand all the vital laws that will help secure your poker winnings rebate.