Losses are allowed as an itemized deduction dollar for dollar against the gain. Gambling losses cannot be greater than gambling wins for the tax year. Example: John wins $23,500 during the year playing slots and other casino games. His gambling losses are $37,900. The Rules for Offsetting Casino Winnings for Tax Purposes. You can deduct Gambling Losses up to the extent of Gambling Wins, so they can be offset, but if you lose more than you win you cannot claim the loss any further than your winnings. Gambling Losses unlike other forms of Losses cannot carry over from year to year. The IRS describes gambling losses or winnings quite broadly. In general, these refer to any cash earned or lost in raffles, lotteries, poker and casino games, and sports betting (including horse races). This is good to know—most people assume gambling wins and losses occur only in casinos.
Whether it’s because you noticed unauthorized payments on your card, or you have another issue with money used in relation to online gambling, we hope to shed some light on how you can claim money back from online casinos. Below you can find more information on the appropriate ways to request your funds back depending on the reason behind it.
Unauthorized card payments
Unfortunately it happens to more people than we think. You decide to check your recent transactions, or suddenly realize that your balance has dropped significantly without purchasing anything, and you find some payments that you definitely did not make. Someone else has access to your card details. In some cases it might be someone you know, but regardless of whether its a stranger or not – you will want to cut them off. What do you do in this scenario? First and foremost you need to get in touch with your bank. They will be able to block your card so that no further transactions can be made with it. You will then be able to request chargebacks for the unauthorized payments, and most likely will succeed.
Gambling whilst under self-exclusion
One of the biggest reasons people want to claim money back from online casinos, is simply because they lost more money than intended, resulting in regret and a much lower account balance. In most cases there is simply nothing to be done about this. If you did authorize the payment it’s probably a lost cause. The only exception here could be if you have informed the casino in the past that you wish to completely self-exclude yourself, in which case you shouldn’t be able to play at this casino anymore. Should you still have managed to play and deposit after receiving the confirmation you have been excluded – you might have yourself a case. Keep in mind that the self-exclusion has a limited time frame and this will expire one day. Also, if you managed to register a new account with a completely different set of details, the casino can not be held accountable for this.
Do’s and Don’ts
Our do and don’t tips are pretty straight forward, but we figured it might still be worth explaining:
Online Casino Refunded Part Of My Gambling Losses Winnings
- DO: report any transactions you have not made. No one wants there details to end up in the wrong hands.
- DON’T: report transactions that you have authorized and now regret. Not only is it not ethical, but it can have some consequences such as ending up on several black lists. Take severe losses as a lesson to realize what you can and can not afford. In which case:
- DO: Set limits! Legitimate online casinos nowadays offer the possibility to set personal account limits. We recommend you realistically see how much you could afford to lose – and set that as your limit in a certain time frame. This way you can have responsible fun – and you’ll never have to worry about losing too much again!
Online Casino Refunded Part Of My Gambling Losses Against
The casinos below hit all the check boxes when it comes to responsible gambling. They’re fully licensed and offer you the possibility to set your limits and play worry free: