How To Recover From A Big Gambling Loss
Finding a comprehensive gambling treatment program will give you the best chance of finding abstinence and recovering from compulsive gambling. Trained addiction specialists and therapists that can provide the appropriate behavioral therapies, medication assisted therapies and support to assist on this important journey. All casino games have an RTP (return to player) rate. This percentage shows how much money you will lose on a game in the long run. Here is an example: If the RTP rate of a game is 92% and you invest 100 USD, you will be able to recover 92 USD of that investment in the long run. In other words, your losses will be limited to 8 USD. So you messed up big time. Or maybe it isn’t that big of a deal. Either way, it’s consuming your mind and eating away at your ego. Learn to let go of that mistake. Realize you are a wonderful individual with so much to offer the world. You have many great talents and have had many successes. Maybe you won the bake sale last year. Control the downside. A big loss causes all sorts of inner conflict—a need for revenge, fear, anger, frustration, self-hate, market-hate, and the list goes on. After a big loss, there's no way to trade with a clear head. Helping a true gambling addict to recognize they have a severe problem is the first step towards gambling addiction recovery, but they will need ongoing support to make it to the other side. Through it all, continue to be patient and encouraging while always maintaining a non-judgmental attitude.
I've just lost over £65000 through sports betting in the recent built up, i have maybe around £10000 or little over, i recovered over £50000 last year and just this month i ended up losing back 50000 plus another 15000, i dont know how to deal with these losses, i want to get over it but its almost impossible. my head is spinning out of control and im feeling sick every moment of my life now. I dont know if i can tell my parents i've lost this much money because it would be a burden to them! should i be telling my parents about my huge loss? i don't want to commit suicide either because it would burden them also, i need any advice which would help, i want to avoid gambling ever again because its making me sick and been a waste of my life in the past year.
Personal Income Tax -> US Taxes on Lottery and Gambling Winnings and Prizes
The information in this article applies to Canadian residents who are not US citizens, and are not US residents.
Contest prizes and winnings from lotteries or gambling are not taxable in Canada, so this type of income does not have to be reported on your Canadian tax return, unless of course you are engaged in the business of gambling. On your Canadian tax return, you cannot claim a credit for any taxes withheld from these non-business income winnings.
If you are a Canadian resident and have had 30% tax withheld from winnings from a contest, according to the Internal Revenue Service (IRS), you cannot recover this money.
How To Get Over A Huge Gambling Loss
If you are a Canadian resident and have had 30% tax withheld from lottery or gambling winnings in the US, some or all of the tax can be recovered if
| you also have US gambling losses to offset some or all of the winnings, or |
| tax was withheld from winnings from blackjack, baccarat, craps, roulette or big-6 wheel |
All of the links in this article are to documents on the website of the IRS, and most of the links are to pdf files.
In order to get a refund of US taxes withheld from lottery winnings or gambling winnings, Canadian residents must file a US tax return. The US tax return to be filed is
| Form 1040NR - US non-resident alien income tax return. |
Your lottery winnings, and gambling winnings and losses will be recorded on Schedule NEC (part of Form 1040NR), as long as you are not engaged in the trade or business of gambling. Read:
How To Recover From A Big Gambling Loss Claim
| Instructions for the 1040NR, and |
| Instructions for Schedule NEC, included in the 1040NR instructions. |
Gambling and lottery winnings for residents of Canada are included on line 10a of Schedule NEC. Proceeds from lotteries and raffles are also included on line 10a, but winnings from blackjack, baccarat, craps, roulette, or big-6 wheel are not included here. Gambling losses are entered on line 10b, with net gambling income (zero if negative) entered on line 10c.
If you have winnings from blackjack, baccarat, craps, roulette, or big-6 wheel, and the casino gave you a Form 1042-S (Foreign Person’s US Source income subject to withholding) showing that tax was withheld, enter these winnings in column d of line 10, with a tax rate of zero%. You can claim a refund of the tax.
If you do not already have an individual taxpayer identification number (ITIN), you will have to apply for one. The application form is
| Form W-7, and the instructions for the form |
See also:
| Publication 1915 – understanding Your IRS Individual Taxpayer Identification Number (ITIN) |
Your 1040NR tax return must be attached to the application form W-7.
More IRS Information:
How To Recover From A Big Gambling Losses
| US Tax Guide for Aliens – publication 519 |
Revised: February 02, 2021
How To Recover From A Big Gambling Losses Claim
