US tax Recovery Canadians Can Still Get Reprieved

Posted by williamriddle on September 23rd, 2011

Maybe you won a jackpot in a US casino or a lottery draw. Before the music of triumph started playing, you’d come to know that there is tax on gambling winnings that is levied only to people outside the USA. The Internal Revenue Service may have deducted a good percentage of your winnings and might have given you a shock. You’d be left wondering what to do next so as to recover a good part of these losses. You can try out the services that offer US tax recovery Canadians scheme with which it’s possible to recover some part of the losses if not all. There’s provision in the legal codes which allow a Canadian native to claim for tax recovery even if he had took part in a US Casino and won. This treaty allows people to get refund on some or the whole amount of taxes paid, and enables deductions in gambling losses even if the person who won the jackpot is not a green card holder or an American native for that matter. However, in order to make the most of this provision, one has to keep track of the winnings, losses. Besides, it’s imperative that one maintains a log of money transacted, and other evidences such as tickets, statements and gambling receipts. The diary you maintain as a log of all of your expenses must be completely up to date. You may take part in any of those wagering activities, however if you want to cut back tax on gambling winnings, it is safe to maintain each and every log pertaining to every wager. It is common to include information like date and name of the casino gaming establishments, the amount you put at stake, the amount you won, and the amount you lost. It is also crucial to make note of the participants who you play against with. Moreover, you can keep with you several records like bank statements, money withdrawal statements, payment slips provided by the casinos, wagering tickets, canceled cheques, and credit records. You need to make use of the 1040 NR to recover the amount you paid as taxes. No other means of refund is possible if you want to recover a percentage of losses within the same year. As a matter of fact, this is the only feasible legal solution to straighten out issues faced with respect to US tax recovery Canadians. There may be a lot of games but a few of them are not taxable while some are very much taxable. Check out for more information regarding whether the games you’re interested in are taxable or not. Be aware, stay awake and decrease tax on gambling winnings. Visit our website if you’re seeking information on US tax Recovery Canadians, and increase your chances to reduce tax on gambling winnings.