What are the 5 most important considerations for non-U.S. citizen gamblers in U.S. casinos re: taxes?
1. Keep complete and accurate records. See Chapter 6 . . .
2. Use your players card at all times, due to the recordkeeping that can be extracted from the information from it.
3. Identify whether you are a recreational gambler or one engaged in a “trade or business”. See Chapter 7 . . .
4. Keep and ask the Casinos and Race Tracks for complete and accurate IRS Forms 1042-S (all forms); including your ITIN. See Chapter 9 . . .
5. Be prepared to challenge the IRS with its determination of the amount of taxes owing . . . as they are often simply wrong.