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Losses be applied against Wins to reduce Casino Winnings Tax?

April 26, 2017applied casino losses reduce tax winnings Wins

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Losses be applied against Wins to reduce Casino Winnings Tax?

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A – Various countries like Canada formed a treaty agreement with the USA during 1996 wherein particular gambling losses can be placed against gambling winnings to either eliminate or at least reduce taxes on casino winnings. As per the irs regulations, persons wishing to recover irs withholdings need to substantiate their gambling losses with proper documentation and proof as well as valid receipts. However, you cannot reduce blackjack taxes, roulette, craps, baccarat or Big-6 wheel etc. by placing the losses against gambling winnings because these games are exempt from gambling taxes.