Canadian here that only gambles in Idaho. They withhold 30% for taxes. I have won jackpots for years and never encountered a problem getting all the tax back. To date this year, I have 4 handpays, largest one $9400. I use an accountant in Idaho. I do keep a diary with dates and profit or losses but not as thorough as you do. It's very archaic of the IRS to have the same handpay subject to tax that they had in the seventies. $1200 is peanuts to the high roller gambler betting $50 a push.
I’ve had 25k wins and still an overall loss for the year, so just claim the loss deduction which basically cancels out any gambling tax owed. For table games you don’t have to really keep track unless you have massive gains as the casino only reports it over 10k in one cash out I believe.
I am a UK resident that gambles, you are correct that we do not have to pay TAX on gambling here in the UK. Many years ago it changed from 9% gambling tax to 0%. It was a strange situation when it come to tax because we could pay the tax on the bet as it was placed or pay tax on the winnings when we collected the win. It was like another little gamble to decide on weather to pay tax before or after, because for example if you placed a £1 bet and paid tax at the point of placing the bet you would pay £1.09 and that was that, it didn’t matter the how one of the bet but let say your bet was a 100/1 horse and it won, when you collect the winnings you could pay 9% tax and only get back £91 so there you pay £9 in tax. like i said though, that changed many years ago. i would like to see more videos like this with your thoughts about things, and sarah’s thoughts also. videos that are around 10/15 minutes long are quite manageable to watch.
Thanks for this video, I'm sure you helped a bunch of folks! As a fellow Canadian, I always use a card for ALL gambling (tables & slots) in the US and I've had no issues claiming back 1042-s forms on a yearly basis via the 1040nr for the last 10 years (probably very lucky!). I don't mind the taxing of gambling when it comes to jackpots, but % is too high (in my opinion) and they definitely need to increase the jackpot amount threshold ; 10% tax and anywhere around 7-8k for the JP limit would make sense. All the best!
i've heard some slots channels directly writing off gambling losses from all taxable income, claiming they are US "professional gamblers".. however this is illegal. any such position would have to be approved thru IRS letter ruling
@joe_wansings1231-h3h ACA plays on their country run casino, I'm sure their government knows exactly how much is won and losses, I could be wrong but I think they don't tax it their anyway.
@joe_wansings1231-h3h They don't have to provide it. All you have to have is evidence supporting your claim (my wife is an Accountant). That evidence needs to be thorough though, including things like where, when, who was present, etc. For instance, I have scans for all my lottery scratch-offs and a log of when they were purchased, from where, and who was with me at the time. [The previously posted information should not be used as tax advise for the purposes of completing your taxes. Please consult a tax professional when it comes to your specific use case.]
Canadian here that only gambles in Idaho. They withhold 30% for taxes. I have won jackpots for years and never encountered a problem getting all the tax back. To date this year, I have 4 handpays, largest one $9400. I use an accountant in Idaho. I do keep a diary with dates and profit or losses but not as thorough as you do. It's very archaic of the IRS to have the same handpay subject to tax that they had in the seventies. $1200 is peanuts to the high roller gambler betting $50 a push.
Go to wendover neveda it has nice casinos. On 90 minutes from Salt Lake City
They’re changing it to $5,800 either this year or next year.
@squirrelgomez8220 wow that's great. Thanks for the info
I’ve had 25k wins and still an overall loss for the year, so just claim the loss deduction which basically cancels out any gambling tax owed.
For table games you don’t have to really keep track unless you have massive gains as the casino only reports it over 10k in one cash out I believe.
I am a UK resident that gambles, you are correct that we do not have to pay TAX on gambling here in the UK. Many years ago it changed from 9% gambling tax to 0%. It was a strange situation when it come to tax because we could pay the tax on the bet as it was placed or pay tax on the winnings when we collected the win. It was like another little gamble to decide on weather to pay tax before or after, because for example if you placed a £1 bet and paid tax at the point of placing the bet you would pay £1.09 and that was that, it didn’t matter the how one of the bet but let say your bet was a 100/1 horse and it won, when you collect the winnings you could pay 9% tax and only get back £91 so there you pay £9 in tax. like i said though, that changed many years ago.
i would like to see more videos like this with your thoughts about things, and sarah’s thoughts also. videos that are around 10/15 minutes long are quite manageable to watch.
also, i think that nobody should pay tax, the tax should be paid by the casino/bookmakers on THEIR profits, not the gamblers
Correct: excess gambling business losses are not able to be carried forward or backward for professional gamblers.
USA should ELIMINATE TAX ON Gambling PERIOD coz it’s not fair for ALL THE PLAYERS.
South African here, no gambling tax at all, we just need to submit the paperwork each tax year.
Thanks for this video, I'm sure you helped a bunch of folks!
As a fellow Canadian, I always use a card for ALL gambling (tables & slots) in the US and I've had no issues claiming back 1042-s forms on a yearly basis via the 1040nr for the last 10 years (probably very lucky!).
I don't mind the taxing of gambling when it comes to jackpots, but % is too high (in my opinion) and they definitely need to increase the jackpot amount threshold ; 10% tax and anywhere around 7-8k for the JP limit would make sense.
All the best!
For Belgium you are right. There are no tax. You can add Luxemburg in the list
I never admit to any wrongdoing.
I enjoyed this video format! Thanks Vic!
Great info! Missing your daily streams!
My losses over the year are greater than my wins, therefore, it doesn’t really make a difference for me.
I get it been taxed by States that just makes it not worth it to file
how can they made you pay taxes, just tell them abt Victor's luck😢
i've heard some slots channels directly writing off gambling losses from all taxable income, claiming they are US "professional gamblers".. however this is illegal.
any such position would have to be approved thru IRS letter ruling
Up oh spaghettio’s!!
You are from Canada -- and the US system sucks! You know that!
As long as you have all your win loss statements you should be fine, although my mother had over 250k in winnings and had to fight the IRS , she won.
@joe_wansings1231-h3h ACA plays on their country run casino, I'm sure their government knows exactly how much is won and losses, I could be wrong but I think they don't tax it their anyway.
@joe_wansings1231-h3h They don't have to provide it. All you have to have is evidence supporting your claim (my wife is an Accountant). That evidence needs to be thorough though, including things like where, when, who was present, etc. For instance, I have scans for all my lottery scratch-offs and a log of when they were purchased, from where, and who was with me at the time.
[The previously posted information should not be used as tax advise for the purposes of completing your taxes. Please consult a tax professional when it comes to your specific use case.]
Yes they do
@joe_wansings1231-h3h Canada does not tax gambling winnings
Move to UK
. No gambling tax.
This sounds like a terrible business
You guys get fckd enough the fact u get taxed at all is a joke…one good thing left in Canada we have is zero lottery and casino tax
I know playing cash poker they will not tax you on your winnings in the us.