Will this Statement alone be enough to Prove my Gambling Loses for Tax Deduction

Viscore

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Quote from: EarnOnVictor on March 17, 2023, 04:18:52 AM

From my experience with tax laws, no country will tax you for gambling losses, they can only do that if you have an aggregate gambling gain over the tax period.

And the issue is that it's not easy for countries to tax their citizens the way you have explained, though it's viable for you to prove you gained or lost. However, some would still evade tax through that as there are many schemes through which they do this, especially when they could gamble online, and with crypto.

This is why a country that wants to tax its citizens always has arrangements with the gambling company, they might tax your ticket directly or have the record they will duplicate for the government in order to know how to tax you. But one must be living in their country for the latter to be effective.

Either way, it depends on the country, but you shouldn't be taxed if you are not gaining.

I have never seen or heard such countries that imposed taxes even in times when you are at loss. Maybe it could be true for some who are really making it huge in gambling, but for those who are at loss, it will be additional loss for them if ever the government will still taxed them. Like in lottery, although taxes maybe included already in our tickets or bets, but most especially if you hit the jackpot prize, you will never receive the full winning amount indicated in the screen as they will still deduct quite big amount for the tax.

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Quote from: KTChampions on March 18, 2023, 01:01:01 PM

Quote from: livingfree on March 18, 2023, 06:39:33 AM

I guess by just our opinions regarding losses and taxes, I don't think that it will be counted to be taxable. There's no way that you'll get to pay taxes with something that you don't have anymore.

But anyway, those are just our opinions and it's really best for him to consult an accountant as they're the professionals regarding situations about taxation.

In my country, you can get a tax deduction (payroll tax refund) if you provide documents that you spent money on real estate, education or medical treatment. There are certain restrictions (for real estate, you can only get a deduction once in a lifetime), but this system works. I'm sure it works the same way in most countries.
Gambling is also obvious - if I pay taxes when I win, then why can't I get a tax refund when I lose?

I'm not sure if it's the same in OP's country.

That ruling is basically one of the best taxation for a country, as an individual, you get to enjoy the benefits of tax and that's should encourage everyone to pay the taxes on time and that should be deducted automatically.

I agree that system works and people won't be too lazy to file for their income taxes and anything that's being taxable.

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Quote from: Yogee on March 19, 2023, 08:59:49 AM

Quote from: OgNasty on March 18, 2023, 03:08:42 PM

I personally have never and would never claim gambling losses on my taxes. Besides it likely opening you up to further investigation that could lead to costly and stressful audits, I personally don’t believe it’s the government’s job to reimburse me for losses as a result of dumb decisions.

That's a good argument there but if they tax gambling winnings then it is only natural and fair to everyone that they also allow gambling losses as tax deductibles. Governments have different rules on this but I agree on the audit part. Recordkeeping could also be a bother.

In my opinion, the tax deduction is also logical because it, in a sense, corrects double taxation. If you look at the situation from the outside, it turns out that taxes go either from the casino or from the player - wherever the money goes, part of it still goes to taxes. It's highly unfair if a player can't get a tax deduction.

uneng

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Quote from: goaldigger on March 19, 2023, 09:05:22 AM

Quote from: crzy on March 18, 2023, 04:05:39 PM

Quote from: OgNasty on March 18, 2023, 03:08:42 PM

I personally have never and would never claim gambling losses on my taxes. Besides it likely opening you up to further investigation that could lead to costly and stressful audits, I personally don’t believe it’s the government’s job to reimburse me for losses as a result of dumb decisions. Similarly to why I don’t claim crypto losses on my taxes. It just seems like personal responsibility to me.

The government will make further investigations on what you are claiming so yeah, this can result for the audit just for them to check if you are really qualified to claim that losses. Better to consult an accountant if you have one who are handling your filling, for sure they can advise you on what to do especially if you lose a lot of money and can’t afford to pay any taxes anymore.

You have to review the tax rules in your country if declaring such losses from gambling is valid, or else better not to declare it because they might ask for more details especially for the source of money and bigger problem might occur if you can't provide any proof for your income. Declaring your income for tax purposes seems to be more stressful, its really good to ask for legal advise from the accounting firm, in my country we have a lot of services like this that actually work for small business, I just don't know if they also handle gambling income since its hard to get proof from this.

Yes, he has to seek for informations with the local government's body from his country, because rules and guidelines are different for each territory. Only those public agents will be able to provide accurate informations on how he should conduct his tax deduction process when gambling online at crypto casinos.

However, since it's a bureaucratic process which demands the hiring of an accounting professional, what also makes it expensive, it's better to avoid it maximum as possible, otherwise it might be more expensive to ask for tax deduction, after all, than just leaving it alone.

goaldigger

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Quote from: crzy on March 18, 2023, 04:05:39 PM

Quote from: OgNasty on March 18, 2023, 03:08:42 PM

I personally have never and would never claim gambling losses on my taxes. Besides it likely opening you up to further investigation that could lead to costly and stressful audits, I personally don’t believe it’s the government’s job to reimburse me for losses as a result of dumb decisions. Similarly to why I don’t claim crypto losses on my taxes. It just seems like personal responsibility to me.

The government will make further investigations on what you are claiming so yeah, this can result for the audit just for them to check if you are really qualified to claim that losses. Better to consult an accountant if you have one who are handling your filling, for sure they can advise you on what to do especially if you lose a lot of money and can’t afford to pay any taxes anymore.

You have to review the tax rules in your country if declaring such losses from gambling is valid, or else better not to declare it because they might ask for more details especially for the source of money and bigger problem might occur if you can't provide any proof for your income. Declaring your income for tax purposes seems to be more stressful, its really good to ask for legal advise from the accounting firm, in my country we have a lot of services like this that actually work for small business, I just don't know if they also handle gambling income since its hard to get proof from this.

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Quote from: OgNasty on March 18, 2023, 03:08:42 PM

I personally have never and would never claim gambling losses on my taxes. Besides it likely opening you up to further investigation that could lead to costly and stressful audits, I personally don’t believe it’s the government’s job to reimburse me for losses as a result of dumb decisions.

That's a good argument there but if they tax gambling winnings then it is only natural and fair to everyone that they also allow gambling losses as tax deductibles. Governments have different rules on this but I agree on the audit part. Recordkeeping could also be a bother.

Quote from: bitbollo on March 18, 2023, 01:31:24 PM

In which country is this possible?
basically I could simply bet some money, if I win I pay taxes with the profit, if I lose I don't pay taxes!
it's fantastic please Grin

tell me where it can be done and I'll move right away!
plus if you are able to collect some receipts from bookmakers (in some places there are hundreds ...daily) well it become easy to have such kind of statements .

US is one of them. You can only deduct up to the amount of your winnings and you must have a complete record plus proofs if you want to claim them https://www.irs.gov/taxtopics/tc419

crzy

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Quote from: OgNasty on March 18, 2023, 03:08:42 PM

I personally have never and would never claim gambling losses on my taxes. Besides it likely opening you up to further investigation that could lead to costly and stressful audits, I personally don’t believe it’s the government’s job to reimburse me for losses as a result of dumb decisions. Similarly to why I don’t claim crypto losses on my taxes. It just seems like personal responsibility to me.

The government will make further investigations on what you are claiming so yeah, this can result for the audit just for them to check if you are really qualified to claim that losses. Better to consult an accountant if you have one who are handling your filling, for sure they can advise you on what to do especially if you lose a lot of money and can’t afford to pay any taxes anymore.

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Quote from: Zlantann on March 17, 2023, 01:29:24 PM

It's really amazing that the government sees tax like business. Infact they tax law mentioned a proffesion called proffesional gambling. It's true gamblers can deduct their losses from their tax business expenses if their records are comprehensive and up-to-date. I am not aware of these laws because I have never really considered this privilege.

But this law might not be universal because I had to go through many tax websites and documents in my country and I didn't find such provision. I think it is applicable mostly in developed nations. But I have decided to start keeping a comprehensive record of all my gambling activities because such laws might be applied in future.

Yes, because just like a business, this is where they earn money. If on business there are negotiations that can happen, this post clearly shows that it is also possible in taxations. They negotiate people if where they are comfortable at only for those people to continue paying their taxes but if this was possible that tax can be deducted via a gambling losses, I am afraid that many people will gamble more (intentionally). They won't be scared now to lose big because they know that this had a great effect. Other than tax deductions, they can also get a good amount of money in the form of casino bonuses. If they are lucky, they can also win huge in an instant.

OgNasty

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I personally have never and would never claim gambling losses on my taxes. Besides it likely opening you up to further investigation that could lead to costly and stressful audits, I personally don’t believe it’s the government’s job to reimburse me for losses as a result of dumb decisions. Similarly to why I don’t claim crypto losses on my taxes. It just seems like personal responsibility to me.

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Quote from: Davidvictorson on March 17, 2023, 02:58:52 AM

It is true that gambling losses can be deducted from an individual's taxes. However, for this to happen the individual must have an up-to-date track record of wins and losses, the dates, type of activity, the addresses of the casinos, canceled bets and receipts(this is for brick and mortar casinos). In my case, I have been gambling exclusively at online casinos which have incorporated account statement and tracking databases for gamblers. If needed, I can request for my yearly statement, which shows how much bet I have placed in that year, the wins, and losses for the year. For experienced people, will this statement alone be enough to prove my gambling loses for tax deduction purposes?

I believe yes is the answer, i mean what other ways do you hope to use to prove your gambling wins and loses if not through the statement of account issued by the online casinos where you gamble.

Though the issue of taxing is taken seriously in well developed countries, in my country, I've never had any course to request for such data since taxing isn't much of a problem here, the government really don't care, they are more busy looking for means to siphon money into their private wallets, but if at all, I have any course to have to pay my tax from my gambling gains, I believe the statement of account from the online casino where I play is just enough.

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Quote from: bitbollo on March 18, 2023, 01:31:24 PM

In which country is this possible?
basically I could simply bet some money, if I win I pay taxes with the profit, if I lose I don't pay taxes!
it's fantastic please Grin

tell me where it can be done and I'll move right away!
plus if you are able to collect some receipts from bookmakers (in some places there are hundreds ...daily) well it become easy to have such kind of statements .

How this one would be fantastic considering that they would really be taxing out even with those lose bets? which means it would be costing you more.So i don really see this to be advantageous on someone.
The common concept on here is that people dont really get taxed about losses but rather they would really be taxed on something that they do win specially if this one talks on bigger numbers.
Just like the rest been telling around that it is unlikely or cant really be possible for a place to have such tax rule considering that it is really that too much on counting up
things which arent even yours. lol

bitbollo

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In which country is this possible?
basically I could simply bet some money, if I win I pay taxes with the profit, if I lose I don't pay taxes!
it's fantastic please Grin

tell me where it can be done and I'll move right away!
plus if you are able to collect some receipts from bookmakers (in some places there are hundreds ...daily) well it become easy to have such kind of statements .

KTChampions

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Quote from: livingfree on March 18, 2023, 06:39:33 AM

I guess by just our opinions regarding losses and taxes, I don't think that it will be counted to be taxable. There's no way that you'll get to pay taxes with something that you don't have anymore.

But anyway, those are just our opinions and it's really best for him to consult an accountant as they're the professionals regarding situations about taxation.

In my country, you can get a tax deduction (payroll tax refund) if you provide documents that you spent money on real estate, education or medical treatment. There are certain restrictions (for real estate, you can only get a deduction once in a lifetime), but this system works. I'm sure it works the same way in most countries.
Gambling is also obvious - if I pay taxes when I win, then why can't I get a tax refund when I lose?

livingfree

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Quote from: stomachgrowls on March 17, 2023, 05:27:55 PM

Quote from: livingfree on March 17, 2023, 04:03:59 PM

I have no idea of such about taxes and gambling. It's best to consult your accountant to know if this is possible on your country.

These professionals know what's best for those that are asking for that situation if their client is a gambler and want to have some deduction from their taxes.

Who knows if it's possible and you're in that actual situation.

Im with this suggestion, im aint saying that getting some advise on this forum is bad but it would be better if you do ask this way on a professional or to those who are handling these kind of stuffs on your local so that

you would be able to make yourself that fully aware on what are the things that must be processed or what are the things that you shouldnt bother. In speaking about taxes on overall losses then i dont believe on that
and just like the rest been saying that if you are on winning or simply talks about net profit then for sure you would be taxed.I cant really be sure if this one would be
applied overall in losses too but its unlikely i guess im not sure.

I guess by just our opinions regarding losses and taxes, I don't think that it will be counted to be taxable. There's no way that you'll get to pay taxes with something that you don't have anymore.

But anyway, those are just our opinions and it's really best for him to consult an accountant as they're the professionals regarding situations about taxation.

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Many of us don't know what tax laws apply in our country. As far as I know, taxes are only levied on people who are earning, and if their earnings are not large, they don't have to pay taxes but may just report it. And the tax office won't ask you whether you spend a fraction of your money on gambling or just save it. But maybe the law in your country is different from that in other countries, so your government, through the tax office, requires you to record everything, including your gambling activities.

If you can afford to pay a tax consultant, I suggest you hire him and let him do the work because we don't know exactly what needs to be recorded in someone's tax report unless you go to the tax office and ask for it directly. But I don't know. I also don't understand the details of this tax, and in my opinion, taxes are about a person's obligation to pay a small portion of his income to the state.

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Quote from: dothebeats on March 17, 2023, 05:39:29 PM

It suffices IMO, although they might contest that it can easily be forged or can be faked and you have to be ready for that. For tax-related things, IIRC they won't really tax you if you report this money as losses and you back it up with sufficient proof. I could be wrong though but this is how it's done here in my country. As for other people's suggestions, it's true that it's not advisable to seek for advice on this forum regarding these matters. Better seek help from a lawyer or from those working in your tax department directly to get clear answers.

exactly! most forum users don't know how your country is handling such tax matters. better directly go to your tax department and inquire their requirements, proofs needed and all. it is always best to find solution by getting directly to the department involved.
people will always give their opinions but the actuality of your situation may be different. so why not head to your nearest tax department and ask. this will give you straightforward answer to your question.

dothebeats

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It suffices IMO, although they might contest that it can easily be forged or can be faked and you have to be ready for that. For tax-related things, IIRC they won't really tax you if you report this money as losses and you back it up with sufficient proof. I could be wrong though but this is how it's done here in my country. As for other people's suggestions, it's true that it's not advisable to seek for advice on this forum regarding these matters. Better seek help from a lawyer or from those working in your tax department directly to get clear answers.

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here on the forum each person has their country, with that each person will tell you based on the law of their country, so this will not be of great help for your case, I suggest that you ask this question to people in your country who are connected in the area of tax collection, that way you will know whether or not you should pay tax, for example in my case in my country I still haven't seen a law that makes people pay tax for playing in online casinos, so I don't think that exists law in my country, and even when the person plays the lottery in my country, the person does not pay tax when he wins the lottery, but the person pays tax when he buys the lottery ticket, if my memory serves me correctly, it is 17%, so the lottery guys calculate lottery ticket price including 17% tax amount

when the person withdraws money to the bank account, nothing is deducted when the money arrives in the account, but when the person withdraws money from the bank account, they charge a bank fee and tax of less than 1%, that is, for least for now in my country they don't charge tax for games of chance when the person wins, they only charge when the person buys the lottery ticket and other games

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Quote from: livingfree on March 17, 2023, 04:03:59 PM

I have no idea of such about taxes and gambling. It's best to consult your accountant to know if this is possible on your country.

These professionals know what's best for those that are asking for that situation if their client is a gambler and want to have some deduction from their taxes.

Who knows if it's possible and you're in that actual situation.

Im with this suggestion, im aint saying that getting some advise on this forum is bad but it would be better if you do ask this way on a professional or to those who are handling these kind of stuffs on your local so that

you would be able to make yourself that fully aware on what are the things that must be processed or what are the things that you shouldnt bother. In speaking about taxes on overall losses then i dont believe on that
and just like the rest been saying that if you are on winning or simply talks about net profit then for sure you would be taxed.I cant really be sure if this one would be
applied overall in losses too but its unlikely i guess im not sure.

Rruchi man

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Quote from: Davidvictorson on March 17, 2023, 02:58:52 AM

I have been gambling exclusively at online casinos which have incorporated account statement and tracking databases for gamblers. If needed, I can request for my yearly statement, which shows how much bet I have placed in that year, the wins, and losses for the year. For experienced people, will this statement alone be enough to prove my gambling loses for tax deduction purposes?

I believe that the account statement and other related documents that can be provided on demand by the online casino to their users have relevance for this sort of situations, it will be one of the reasons why these records are kept.

In terms of if it will be enough to prove gambling loses for tax deduction depends on the country and the officials who are in charge of making the decision.

If it is a country that regards and recognises online gambling and the casino you play with, the document will have relevance. If the officials are genuine also, they will not want you paying extra tax when you clearly have encountered losses from what the documents you have presented provided they are legit.

Topic: Will this Statement alone be enough to Prove my Gambling Loses for Tax Deduction (Read 360 times)