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When you report a loss, the amount is deducted from the gains you made in the same tax year. If your total taxable gain is still above the tax-free allowance, you can deduct unused losses from TaxTips.ca - Recovering US taxes withheld from gambling or Personal Income Tax-> US Taxes on Lottery and Gambling Winnings and Prizes Claiming a Refund for US Taxes Withheld From Lotteries, Gambling Winnings or Prizes. The information in this article applies to Canadian residents who are not US citizens, and are not US residents. Taxes on Gambling Winnings and Deducting Gambling Losses
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Professional Gambler & Income Tax - Tax forum | Free help ... Income taxes do not apply to gambling winnings; otherwise the IR would have to give an allowance on the losses, which as we all know is going to be the bigger number! However if your hypothetical gambler had a trade, ie was selling tips or acting as a bookkeeper, this would be liable to normal taxes. James Smith Chartered Accountant www ... HOW CAN I GET MY MONEY BACK? | Gambling Therapy
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HMRC Income Tax Losses Toolkit 2016-17 Trade losses are computed on the same basis as profits, in accordance with generally accepted accounting practice (GAAP) or on cash basis. Certain trade losses may be offset against general income or chargeable gains in the same year. It may also be possible to carry trade losses back to earlier years or forward to subsequent years. FreeTaxUSA® - Can I deduct my gambling losses?
Can I deduct my gambling losses? If you itemize instead of taking the standard deduction, you can deduct gambling losses up to the amount of your winnings. You won't be able to deduct gambling losses if you lost more money than you won (excess losses) , or if you're taking the standard deduction.
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