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Here in Canada, the lottery is tax free, because if it was taxable the cost would be a deduction - small if you won a $billion, but the aggregated deductions wh
by aurizon 3y ago
Here in Canada, the lottery is tax free, because if it was taxable the cost would be a deduction - small if you won a $billion, but the aggregated deductions when take from taxable income would exceed the tax collected. In the USA they chose to cheat the tax payer = pay taxes, yet zero deduction. Are declared professional gamblers treated this way?? What if we all declare as pro gamblers = get the deduction of the $1-20/week of the typical gambler??
How does Las Vegas win/loss play out?
- gnicholas 3y agoInteresting angle. Of course, most people would not remember to take the deduction for the cost of tickets purchased. I think you can deduct gambling losses, but they can only be used to offset gambling gains. So if you're a net loser (and on average, lottery players are), then they wouldn't be able to deduct the full amount: https://www.irs.gov/taxtopics/tc419 https://www.irs.gov/taxtopics/tc419
- aurizon 3y agoYes, here they ignore gambling wins/losses = no tax or writeoff aspects. They do treat foreign sports books etc differently, US/Canada has a tax treaty where sports wins are share-taxed = Canada gets part and US a part, not sure of how it ramifies = never won any of them. They might also share these big US ones?
- addicted 3y agoLottery winnings and costs in the U.S. are treated exactly the same as any other gambling winnings and costs. You can deduct the costs of a lottery ticket but only against any winnings. You cannot deduct it against other income. https://turbotax.intuit.com/tax-tips/general/everything-you-need-to-know-about-filing-taxes-on-winnings/L7ifGWjkX https://turbotax.intuit.com/tax-tips/general/everything-you-...
- aurizon 3y agoI see, a true bias against the gambler, along with the odds.