Tax on American Poker Winnings

[JohnnyNipshank]

I was hoping someone on CP would have gone through this process before and would share their wisdom with me. I am looking to get back the taxes i paid on poker winnings won in Arizona this year. I have looked it up and a number of companies will do this for me at a fee of course. I was just wondering if anyone could give me more info on this subject?

Thanks in advance

[rain_e]

All the info you need is here:

http://www.taxtips.ca/personaltax/usgamblingtaxes.htm

FYI: If you haven't lost any money in the tax year you can't really claim anything back.

[rayne008]

I'm interested in knowing what constitutes 'losing money' gambling, and how you would prove that?

If I played slots and put in $1000 and lost, then put a buck in a different machine and won, would that constitute losing?

[Maccalus]

Originally Posted by rayne008

I'm interested in knowing what constitutes 'losing money' gambling, and how you would prove that?

If I played slots and put in $1000 and lost, then put a buck in a different machine and won, would that constitute losing?

I believe that in the states if you keep a log of your gambling winnings and loses you claim your net gambling income at the end of the year on your tax return. In your case you would claim a net loss of $999 for your tax return.

[nickerjones]

I guess they took your taxes right at the Casino ( when you won) since you're Canadian? Whenever I win over (I think it's) $1,200, they ask me if I want to hold the taxes out right then or pay at the end of the year when I cash out. If you pay at the end of the year they give us a 1099 for our winnings or something like that. However my mom, whom only plays slots, says if she wins over the $1,200 mark for taxes she will just play her money down to under that number so she doesn't get taxed. I believe they take 30% so at $1,200 you only get to take $860.00.