There’s a non-resident tax on gambling winnings if you’re a Canadian who has won money in the United States and there are many people who think there’s nothing you can do about that. However, there is a way to get a gambling tax deduction. Here’s a few things you’ll need to know when it comes to eligibility.
- You need to have proper documentation. The IRS Form 1042-S is issued by many of the casinos in the United States. Here at RMS, we can get them for you if they’ve been lost or misplaced.
- You need to understand the procedures. Your losses from gaming need to be in accordance with the 1996 Canadian/US Tax Treaty. Get in touch with us today and we’ll have a look at your records to see if you are eligible.
- You need the proper identification. It’s important to have a voter’s registration or passport. You’ll also need a birth certificate and driver’s license.
When you come back from the United States having won money, you’ll be looking for a gambling tax deduction. Taking advantage of the aforementioned tips is a good start to getting some money back.