In the United States, casino winnings are considered by the IRS to be taxable income. Gambling income includes include casino winnings, winnings from lotteries, and race horses.

However, US gambling tax refunds can be confusing to those who don’t understand the laws and regulations surrounding these winnings. In the US, Casinos and similar establishments usually deduct 30 percent from the gambling winnings. This is the required percentage of the IRS. Within three years from the winning date Casino tax rebate can be taken back.

It is important to keep an accurate diary or similar record of your gambling winnings and losses in order to claim your casino tax refunds. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.

Be a winner and don’t worry because there are professionals. They will take complete charge of getting your tax refund back for you.

This entry was posted on Monday, March 15th, 2010 at 9:00 am and is filed under Fun & Gambling, Gambling & Casino, Regulations. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.