Can you deduct gambling losses on state taxes

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STATE INCOME TAX DEDUCTION FOR GAMBLING LOSSES

TIR 15-14: Income Tax, Withholding and Reporting Rules for ... gambling losses of $1600 from a Las Vegas casino, gambling losses of $510 from Massachusetts Lottery scratch tickets, and gambling losses of $1000 from a casino licensed under chapter 23K. For Massachusetts income tax purposes, the taxpayer must include all $2500 of its gambling winnings in Massachusetts gross income. Gambling Winnings Fact Sheet 1104 - DOR Wisconsin Department ... gambling winnings. You must report your gambling winnings even if Wisconsin income taxes are not withheld. If you are a Wisconsin resident and paid a net income tax to another state or the District of Columbia on gambling winnings, you may be entitled to claim a credit for net income tax paid to the other state on your Wisconsin income tax return. Can You Still Deduct Medical Expenses Under the New Tax Law ... For example, if your AGI is $100,000, you can deduct your medical expenses as an itemized deduction only to the extent they exceed $7,500. If you have $10,000 in medical-related expenses, you can deduct only $2,500. You would add the $2,500 to your other deductible personal expenses. Minnesota Taxation of Gambling Winnings

Complete Guide to Taxes on Gambling

STATE INCOME TAX DEDUCTION FOR GAMBLING LOSSES You asked (1) if the legislature has considered proposals to allow taxpayers to deduct gambling losses from gambling winnings when determining Connecticut income tax ... Can I deduct gambling losses? - YouTube

How to Deduct Gambling Losses on a Federal Income Tax ...

Can You Still Deduct Medical Expenses Under the New Tax Law ... For example, if your AGI is $100,000, you can deduct your medical expenses as an itemized deduction only to the extent they exceed $7,500. If you have $10,000 in medical-related expenses, you can deduct only $2,500. You would add the $2,500 to your other deductible personal expenses. Minnesota Taxation of Gambling Winnings You may deduct gambling losses on your Minnesota income tax return if you choose to claim Minnesota itemized deductions. You cannot deduct more in gambling losses than you report in gambling winnings on your federal income tax return. Also, you must be able to prove the amount of your losses with the records noted above. FreeTaxUSA® - Can I deduct my gambling losses? If you itemize your deductions, you can deduct your gambling losses to the extent of your gambling income. For example, if you report $5,000 in gambling income on your W-2G, you can deduct up to $5,000 of your gambling losses. If you use the Standard Deduction instead of Itemized Deductions, gambling losses cannot be deducted.

If you have any gambling losses or capital losses, you may be able to write off those as well.

Five Important Tips on Gambling Income and Losses - TaxAct You can also deduct your gambling losses...but only up to the extent of your winnings. Here are five important tips about gambling and taxes: Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes such as cars and trips. How to Pay Taxes on Gambling Winnings and Losses - TurboTax ... You can deduct your losses…to an extent. You can’t deduct the cost of your wager from your winnings when determining how much you won, but you can deduct your gambling losses subject to certain rules. You must itemize your deductions to claim your gambling losses as a tax deduction. Tax Deduction for Gambling or Wagering Losses - Lawyers.com You Can Deduct Gambling Losses (If You Itemize) Although you must list all your winnings on your tax return, you don't necessarily have to pay tax on the full amount. You are allowed to list your annual gambling losses as a miscellaneous itemized deduction on Schedule A of your tax return.