Kelly Criterion and ploppy logic

**Member Name Hidden** · 07-01-2018, 12:58 PM

Originally Posted by Midwest Player

...but if you are a U.S. citizen all your world wide income is taxed.

Question and a very good one. How do you prove U.S. citizenship?

**Midwest Player** · 07-01-2018, 01:04 PM

Originally Posted by Member Name Hidden

Question and a very good one. How do you prove U.S. citizenship?

Birth certificate. If you were born in USA you are automatically a U.S. citizen.

**Freightman** · 07-01-2018, 01:28 PM

Originally Posted by Midwest Player

Birth certificate. If you were born in USA you are automatically a U.S. citizen.

The issue of dual citizenship and US expats living in Canada. A Canadian resident is subject to Canadian law, therefore non taxable winnings are likely not reportable to the IRS. However, a US citizen in Canada gambling, should report his winnings.

They're many dual citizens, also US expats, living in Canada, who give up US citizenship over US worldwide taxation issues.

**Meistro123** · 07-01-2018, 02:13 PM

The position of the Canadian Revenue Agency is that the winnings of professional gamblers are taxable.

**Freightman** · 07-01-2018, 04:35 PM

Originally Posted by Meistro123

The position of the Canadian Revenue Agency is that the winnings of professional gamblers are taxable.

That is true, however, that benchmark as to who Is a professional gambler is so high, that very few fall into the category. I don't, but I have other sources of income.

**stopgambling** · 07-01-2018, 04:52 PM

It seems usually related in running a gambling business . all the losing ploppies can claim to be a professional gambler that have losing years .

**Freightman** · 07-01-2018, 04:56 PM

Originally Posted by stopgambling

It seems usually related in running a gambling business .

I actually took another look at it. CRA seem to have adjusted their position, though it's absolutely fair to say, that winnings fir most are considered as windfalls, therefore not taxable.

Regardless, the link below should be read.

https://business.financialpost.com/p...ght-be-taxable

**Freightman** · 07-01-2018, 05:05 PM

Originally Posted by stopgambling

It seems usually related in running a gambling business . all the losing ploppies can claim to be a professional gambler that have losing years .

A track record would be required, which would incorporate the basis premise of expectation of prifit. No profit, no expense deductions.

**Gronbog** · 07-01-2018, 08:14 PM

Originally Posted by Meistro123

Ontario ... Dunno if the recent great canadian take over has affected the conditions, so my info here might be a bit dated.

Since taking over the Great Blue Heron, Great Canadian Gaming has changed all blackjack variants to CSM. They are also managing Casino Ajax and Casino Woodbine, so I assume that it's the same there.

**Meistro123** · 07-01-2018, 11:26 PM

Are you saying that Port Perry is all CSM, or just the blackjack variants such as Spanish 21?

**Gronbog** · 07-02-2018, 08:12 PM

Port Perry is now completely CSM.

I was at Ajax today. No real tables. Only e-tables. I thought with the new management being Great Canadian Gaming, they might have put in some real tables.

**Old, but not dead** · 06-21-2019, 11:54 AM

Originally Posted by Freightman

I actually took another look at it. CRA seem to have adjusted their position, though it's absolutely fair to say, that winnings fir most are considered as windfalls, therefore not taxable.

Regardless, the link below should be read.

https://business.financialpost.com/p...ght-be-taxable

A good friend of mine just retired from the CRA, and we have had numerous discussions about this. This is the one time when keeping proper records will hurt you as an AP. If you are an average gambler that may win or lose, winnings are non-taxable as a windfall. Once you have records to show regular wins, this becomes taxable income. I am not a tax attorney, but from the interpretation I got from my friend, the CRA is able to subpoena your records as proof. We had this discussion more about online poker, but the principals would be the same for BJ or any other AP opportunity when the expectation due to superior knowledge would be to make a profit, and thus not be a windfall. I don't think this would be an issue for small level counters, but as soon as you start generating FINTRAC reports, I would start paying taxes on my winnings.

**Counting_Is_Fun** · 06-21-2019, 07:38 PM

Originally Posted by Old, but not dead

A good friend of mine just retired from the CRA, and we have had numerous discussions about this. This is the one time when keeping proper records will hurt you as an AP. If you are an average gambler that may win or lose, winnings are non-taxable as a windfall. Once you have records to show regular wins, this becomes taxable income. I am not a tax attorney, but from the interpretation I got from my friend, the CRA is able to subpoena your records as proof. We had this discussion more about online poker, but the principals would be the same for BJ or any other AP opportunity when the expectation due to superior knowledge would be to make a profit, and thus not be a windfall. I don't think this would be an issue for small level counters, but as soon as you start generating FINTRAC reports, I would start paying taxes on my winnings.

Are you seriously resurrecting all these posts from like a year ago? Come on guy.