Re: Capital gains and income tax only
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You get tax on income, you don't get tax relief from gambling losses unless you can prove that the lost occurred due to operating a gambling business which is possibly illegal in your place without a licence.
So you need to pay tax on your winnings if you declare them. They don't care if you lost it or not.
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My accountant assures me this absolutely untrue, so long as you claim that you are a professional. He says it is indisputable that you may claim losses up to the amount of your winnings.
I am hoping he is right.
Based upon what Jelly posted, one could have earnings of $200K for the year, losses of $100K, and need to pay tax on $200K. This cannot be right, particularly if one's primary source of income is poker.
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