Profit/Loss

[Aequitas58]

I must have missed this thread. I found two sites which might be helpful for all the pros looking to claim their gambling expenses:

Basic


More Advanced


Hope this helps.

[eddo31]

i count every expense incurred when i am gambling towards my win/loss for the session.

at a b&m this includes food, drinks, tips, rake, etc. i just count how much money i have when i go to the casino, and how much i come home with, and then i figure out my profit/loss.

online it is a bit less, but if i was doing it professionally i would definitely count the cable modem, cost of the computer, etc. all of them are essential parts of your business, so i dont see how you could get in trouble for taking unnecessary writeoffs.

[GeoffM]

Q * I'm a Canadian citizen who likes to make occasional trips to casinos in the U.S. Recently, I won $12,856 at keno. The casino withheld 30 percent of my winnings for U.S. income tax, and didn't allow for the fact that I was down $300 on the day and had the tickets to prove it. Someone at the casino told me that he thought the money was recoverable for Canadians once they returned to Canada. Is this true?

A * If this was in 1998 or later, you're in luck. As a result of recent changes in the tax treaty between the U.S. and Canada, Canadian citizens who won enough to have the witholding of tax on their winnings, may file a U.S. Non-Resident Tax Return on which they can deduct U.S. gambling losses from their reported U.S. winnings and potentially get a refund for the full amount withheld, if you have as much or more in losses than winnings. If your U.S. losses are less than your winnings, you will get a partial refund.

[PShabi]

very helpful aeq. Thanks.

Time to make a few losing entries in my diary.