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Can I declare playing losses in Canada?
The reply is sure to all three questions. However, the wonderful news is that underneath the Canada-U.S. Income tax treaty (Article XXII) Canadian residents are entitled to assert any U.S. wagering losses as a lot as the amount of U.S. gambling positive aspects for the year, utilizing the same rule that would apply to U.S. citizens and residents.
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Can you write off on-line playing losses?
Gambling losses are deductible in your 2020 federal earnings tax return but solely up to the extent of your gambling winnings. So when you lose $500 but win $50, you’ll be able to solely deduct $50 in losses in your federal income tax returns.