Quote:
Originally Posted by stremba70
Not sure about Canadian tax law, but in the US for a case like this you’d have to claim the $2650 as income, but you could then claim the tourney loss as a $2650 deduction. Gambling losses of any amount up to any claimed income from gambling are deductible in the US. I suspect this may be the case in Canada, but you should probably consult a tax professional knowledgeable in Canadian tax law.
Thanks for your response, stremba.
My assumption is this is more of a U.S. tax law matter since this happened in the States, even though I’m Canadian.
