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No, you cannot deduct your gambling losses from North Carolina (the deduction was eliminated in ). Be sure to report.


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Overlooked Tax Deductions: Gambling Losses

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MASSACHUSETTS: No deduction allowed for gambling losses, except for the NORTH CAROLINA: Follows federal law as it pertains to gambling winnings.


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Reporting Gambling Winnings and Losses

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You can also deduct your gambling losses but only up to the extent of your.


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Are gambling losses deductible?

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North Carolina eliminated this deduction, in their substantial re-write of the tax code in Gambling Losses Individual taxpayers can generally claim an.


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Can I deduct gambling losses?

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Nonresidents: If you were not a resident of North Carolina at any time during the on in North Carolina, or (3) derived from gambling activities in North Carolina.


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HOW TO FILE YOUR TAXES ON GAMBLING WINNINGS IN OKLAHOMA FROM REAL CPA

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MASSACHUSETTS: No deduction allowed for gambling losses, except for the NORTH CAROLINA: Follows federal law as it pertains to gambling winnings.


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How to Minimize Taxes on Slot Machine Jackpots and more Casino Tax Advice

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North Carolina eliminated many itemized deductions for the tax year while There's no longer a deduction for gambling losses, so an amateur gambler.


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Gambling Winnings and Losses

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North Carolina eliminated this deduction, in their substantial re-write of the tax code in Gambling Losses Individual taxpayers can generally claim an.


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How to deduct Gambling Losses on your tax return

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The N.C. standard deduction for each filing status is increased for tax year gambling activities in North Carolina is subject to North Carolina income tax. worthless debts or securities, (3) capital loss carrybacks, (4) net operating loss.


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Video 25 - Taxes on Gambling Income

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North Carolina eliminated this deduction, in their substantial re-write of the tax code in Gambling Losses Individual taxpayers can generally claim an.


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Gambling, The IRS and Taxes: How to Deduct Your Gambling Income and Losses - Silver Tax Group

North Carolina eliminated many itemized deductions for the tax year while increasing the standard deduction. Both comments and pings are currently closed. It depends on the state. There is a Wisconsin case where this was challenged.

North Carolina changed its tax law over a year ago. Gamblers, though, are severely are gambling losses deductible in north carolina.

Cannot deduct losses in bad states. October 16, at pm. All of the items below are for information only and are not meant as tax advice.

February 16, at pm. Because of the design of the Minnesota AMT, amateur gamblers with significant losses effectively cannot deduct those losses.

Thank you. Had to borrow 6K to pay tax on income I did not actually have. Mississippi only allows Mississippi gambling losses as an itemized deduction. February 24, at pm.

So what is. Washington state has no state income tax. February 14, at am. Please consult your own tax advisor to see how each item impacts your own situation. Russ Fox. While I have professional gambling clients in North Carolina, I do not currently have amateur gambling clients. You can follow any responses to this entry through the RSS 2. The Wisconsin Court of Appeals ruled that the law was logical. Joe says:. Carl D'Agostino says:. How can they tax income that did not conclude to income? It would seem unconstitutional to tax wealth that does not tangibly exist and therefore puts a liability on citizens for conditions they cannot meet not having the wealth based on losses to pay the taxes. February 21, at pm. Some states are bad for amateur gamblers while others are bad for professionals. Overall, this simplification is likely a good thing for most residents. It is, but it is also a tax on various professions. This entry was posted on Saturday, February 13th, at am and is filed under Gambling , North Carolina. Russ says:. AGI includes gambling winnings but does not include gambling losses. The precent the same on slots and table game winnings you Hi. Now I understand this but has no one challenged this in federal court? Is this correct? I think the list of bad states for gamblers means that advantage players cannot achieve an edge in video poker and other games where losses are used to offset winnings. Scott says:. New York has a limitation on itemized deductions.