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Video 40 - Recreational Gambling and the IRS

What to Read Next. Winnipeg firm no longer doing gambling tax refunds Grants International , a Winnipeg firm that specializes in getting clients various government refunds, used to handle U. Winnipeg firm no longer doing gambling tax refunds. Industry News.

It comes as a surprise casino tax refund vancouver many Canadians on their first trip to Las Vegas or other U. He now simply gives some guidance to allow people to file for themselves. Insight January 20, People gamble at a casino on January 3, in Biloxi, Mississippi.

In fact, American gamblers are eligible for tax refunds on their winnings, too. The Canadian Press.

Yahoo Finance Canada. Tip: Try a valid symbol or a specific company name for relevant results. To be eligible for potential refunds, gamblers have to keep a record of their play to match wins against losses. Recently Viewed Your list is empty. Under IRS rules, though, gamblers are allowed to offset the tax with any losses incurred on the way to that win. No matching results for ''. Gary opted to pay an additional 20 per cent fee to get his refund right away directly from RMS. The Motley Fool. Professional gamblers are treated differently and can deduct other expenses such as travel and accommodation, like any business. The decline of the dollar has seen to that he said. Gamblers are also liable to pay tax on non-cash prizes, such as cars, based on the fair market value or through withholding if they convert the prize to cash, as happens with some game shows, said Sacks. Filers are not required to include documentation but, like any taxpayer, have to retain their records in case of a future audit. A cottage industry has grown up around helping Canadian gamblers recover at least some of that money for a fee, with ads online and welcoming visitors at the Vegas airport and other gambling locales. Steve Mertl National Affairs Contributor. Grants International , a Winnipeg firm that specializes in getting clients various government refunds, used to handle U. Canadians get the same treatment because of a bilateral tax treaty between Canada and the United States. Finance Home. Whether the IRS may want a piece is another matter. Story continues. Yahoo Finance. Canada markets closed.