§6419 Excise tax on wagering

Summary

You cannot get a credit or a refund for an overpaid tax under chapter 35 unless you prove, under rules set by the Secretary, that you did not collect that tax from the person who placed the bet, or that you repaid that person, or that the bettor gave written permission for the refund. If you laid off a wager to someone else, you must prove those things for both the person you laid off to and the original bettor. If you laid off part or all of a wager to another person who is responsible for tax on the laid-off amount, you can get a credit or refund equal to the tax you paid on the original bet multiplied by the fraction that the laid-off amount is of the original wager. The Secretary’s rules control how this is done, and no interest will be paid on such credits or refunds.