Taxachussets - Gambling losses

[menifee]

This state won't let you deduct your gambling losses from your gambling winnings. Unreal. So say you won 200K through the year but also lost 200K for the year, you still owe the Great Commonwealth 5.3% of that 200K or approximately 10K. You are paying taxes on income that doesn't exist. Unreal.

[LottaKash]

They just don't get it, and I suppose they never will.......They rape you on the rake and rape you some more on the take.......still 200-large is nice.........:cool:

[robert99]

Witches did not get an even break either.

"Giles Corey at first pleaded not guilty to charges of witchcraft, but subsequently refused to stand trial. This refusal meant he could not be convicted legally. However, his examiners chose to subject him to interrogation by the placing of stone weights on his body. He survived this brutal torture for two days before dying."

[JustRalph]

What do you expect from a state that has sent Teddy Kennedy back to Washington after committing murder...........

The same state that re-elects child molesters............

should I go on.............?


Move!!!!!!!!!

There are several states with no state income tax. That is where I am headed next.

[Marshall Bennett]

recently won a little over 600 dollars on cash five , now I have to pay taxes on it even after having shelled out thousands on past tickets . Same bullshit here in Texas . :mad:

[witchdoctor]

When did Texas get a state income tax? I was looking to retire in the hill country in a few years.

[ezrabrooks]

When did Texas get a state income tax? I was looking to retire in the hill country in a few years.

It doesn't...I don't know what he is talking about..

Ez

[Marshall Bennett]

It doesn't...I don't know what he is talking about..

Ez
They tax any winnings over 599 dollars , I've had it happen 3 times now . Its federal .

[ezrabrooks]

They tax any winnings over 599 dollars , I've had it happen 3 times now . Its federal .

OK..your money.

Ez

[Pace Cap'n]

They tax any winnings over 599 dollars , I've had it happen 3 times now . Its federal .

Losses are deductible to the extent of winnings. Losses are reported on Schedule A, itemized deductions.

[BillW]

Another note - all winnings are taxed, not just what you get a 1099 for.

[Marshall Bennett]

Losses are deductible to the extent of winnings. Losses are reported on Schedule A, itemized deductions.
What good is it if it doesn't exceed your standard deduction ?

[OTM Al]

That was my problem too. Couldn't deduct enough to get itemized deductions up to the level of standard deduction so had to pay taxes on that single lonely signer from last year but couldn't offset it with losses (which unfortunately I could just barely do....)

[robert99]

They'll be putting a tax on tea next.

[Pace Cap'n]

What good is it if it doesn't exceed your standard deduction ?

Not a bit.