One of the things you’ll need to do to get a refund and mitigate the IRS tax on gambling winnings is document your winnings and losses through receipts from casinos and other places where you play. This can be difficult to remember while you’re enjoying yourself on an American gambling vacation, so here’s a few handy tips that can help.
- Carry a billfold specifically for these receipts. When you put this in a pocket separate from your wallet where you keep your money and ID, you’ll notice it and be reminded of what it’s for.
- Keep these receipts in a jar on a dresser in your hotel. This presents a constant reminder and a place where you’ll see it often.
- Set up a reminder on your smartphone. Seeing a note pop up to remind you to collect those receipts is a great idea.
It’s important to have these receipts so you can claim losses against winnings when you’re looking to mitigate the IRS tax on gambling. Getting a refund after you’ve returned from your vacation will be a nice reminder of the good time you had.