Can you claim gambling losses on state taxes

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Topic No. 419 Gambling Income and Losses | Internal Revenue…

No. Gambling/lottery winnings are subject to Michigan individual income tax to the extent that they are included in your adjusted gross income. The Michigan Income Tax Act has no provision to subtract your losses on the Michigan individual income tax return. You cannot net the winnings and losses ... Can I deduct my gambling losses as an itemized deduction on ... In order to claim your gambling losses, you must report the full amount of your gambling winnings for the year on the line for “Other income” on Form IT-201, Resident Income Tax Return. You then may deduct your gambling losses for the year (up to the amount of winnings) as an itemized deduction. Reporting Gambling Winnings and Losses on Your Tax Return

Gambling and Taxes (in the U.S.)

Claiming Business Losses on Your Tax Return How business losses affect an owner's tax returns, and how they may be limited, depending on the type of business you run.If your business is a multiple-member LLC, a partnership, or an S corporation, you can also offset losses, up to the amount of your investment "basis" in the business.

Gambling Winnings or Losses TB-20(R) – August 2, 2016 Tax: Gross Income Tax Under the provisions of N.J.S.A. 54A:5.1(g), all gambling winnings, whether they are the result of legalized gambling (casino, racetrack, etc.) or illegal gambling, are subject to the New Jersey Gross Income Tax.

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. 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. How to Claim Gambling Losses on Your Income Taxes - Tax ...

Whether you roll the dice, bet on the ponies, play cards or enjoy slot machines, you should know that as a casual gambler, your gambling winnings are fully taxable and must be reported on your income tax return. You can also deduct your gambling losses...but only up to the extent of your winnings.

It depends on where the loss was claimed for federal income tax purposes. For instance, if you claim it as an itemized deduction on your... ... loss that I took on my federal return. Can I claim this on my state return? 8 days ago; Updated. Follow. Massachusetts Tax Deduction for Gambling Losses - Don't Tax Yourself