Taxes?

[Lester]

If I win big, do I have to declare the income on my taxes?

[Mr J]

I wish I could answer this but I have heard like three different versions for this issue.  Ken

[pins]

only if you make your living from gambling.

[MiniBaccarat]

G'day,

I suggest you check with the relevant authorities in your jurisdiction.

Pins I gather from his email address is from Australia and he isn't actually 100% correct,
Here in Australia if you win at the Casino it's classed as a 'Windfall'
by the Australian Taxation Office (ATO), it doesn't go on % of income.

Glenn.

[bombus]

I vaguely remember precedence here in Australia where the tax office took a big time gambler to court and lost the case because the gamblers losses where not admissible as a work related expense. So because the gambler couldn't claim an income tax reduction for all his lost bets, the judge ruled that tax office couldn't claim any tax from his winnings.

Therefore, if you are ever in trouble with your local tax revenue department for winning lots of money, go to your local betting shops and empty the garbage bins that are full of all the patrons losing tickets, and take them with you to your trial. In fact, if you have enough time you could fill a truck with all the losing tickets and show a loss for the year.

[Nathan Detroit]

bombus ,

Sound credible.  advice . ROFL.


Nathan Detroit

[hoper35]

No tax on gambling/lottery winnings in Canada, eh.


Ron.

[hoper35]

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