Will this Statement alone be enough to Prove my Gambling Loses for Tax Deduction - page 3.

davis196

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Which country are you talking about? I don't know about such gambling tax deduction in the US tax system.
The tax system in my country has imposed a 15% income tax on all registered gambling businesses(in addition to the 10% corporate profit tax). There isn't any tax deduction for gambling loss in my country, AFAIK. Having such tax deduction seems immoral and ridiculous. The gamblers would be incentivized to gamble more, because their loss will be deducted from their taxes. I don't know about any country in the world, whose tax system stimulates the gamblers to gamble more. Sad

molsewid

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Quote from: Davidvictorson on March 17, 2023, 03:58:52 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 don't know about this and it will be good if this is still applicable here in our country. Since you are playing online I am sure that you have your gambling history, better if you can convert it in pdf so that it would be presentable since I don't but last time I asked my accountant to bookkeel for me she asked if I can compile it and make everything in pdf. Hmm since it is online, make sure that it is acceptable by your tax bureau as well.

EarnOnVictor

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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.

Oshosondy

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Quote from: Davidvictorson on March 17, 2023, 03:58:52 AM

It is true that gambling losses can be deducted from an individual's taxes.

According to what I have heard before in countries that collect tax from gamblers, the authorities do not collected tax if you have loss as the net profit. If you your net profit is positive, you will be taxed.

Quote from: Davidvictorson on March 17, 2023, 03:58:52 AM

If needed, I can request for my yearly statement, which shows how much bet I have placed in that year

On some gambling sites, you can check for your betting history, the total profit and loss can be seen, but this may differ from one betting site to another.

Quote from: Davidvictorson on March 17, 2023, 03:58:52 AM

If needed, I can request for my yearly statement, which shows how much bet I have placed in that year

What that matter is your total profit that month or year.

Davidvictorson

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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?

Topic: Will this Statement alone be enough to Prove my Gambling Loses for Tax Deduction - page 3. (Read 277 times)