Record the casino or other gambling establishment’s name, the date and the gambling activity, whether slots or poker or another type of gambling. This journal should be made daily as you gamble. Documentation to support this offset can take the form of a gambling journal to support your net winnings. Proper documentation is required to support your US tax on casino winnings. You are entitled to reduce your casino winnings by the wagers placed on this income. Canada is a unique case in that the treatment of gambling income follows the treatment of casino winnings in the USA.įor residents of both the US and Canada, US tax on winnings is based on the gambling income after deducting gambling losses. There are certain countries that are exempt from US tax on casino winnings. US Tax on casino winnings are taxable for residents of most countries.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |