Legislature may prohibit gambling-loss deductions
Just in time for Maryland slots -- House Bill 46, which would prohibit Marylanders from deducting gambling losses on their state income-tax return. You can deduct "wagering losses" on your federal return, but only to the extent that you itemize and had wagering income. This bill, sponsored by Prince George's Democrat Justin Ross, would require Marylanders to add gambling losses back to their reported state income. So if you win $2,000 at the slots in February and lose $3,000 in March, you would still have to pay Maryland income tax on $2,000. Hmm.
Comments
That is so unfair. It's almost impossible to win more than you lose. No matter how much one have won, they have most likely lost a lot more than that. And what if you lose everything you have? Then on top of that you owe taxes for a little bit you have won one day?
Posted by: Historia del Bingo | November 10, 2009 6:03 PM