On Massachusetts state tax form certain gambling losses are allowed. How do I know if the Foxwoods casino is allowed as a loss.

Forum|Forum|7 years ago
June 5, 2019
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Massachusetts tax form states that losses at certain gambling establishments are allowed. HOw do I know if Foxwoods Casino is one of those places?

TurboTax Premier Online

KatrinaB48

Level 15

Not unless you are a professional gambler. Please view the Massachusetts gambling loss rule below.

Massachusetts allows you to deduct the cost of any winning ticket or chance from the winnings you received from it, reducing your taxable lottery and gambling income. Even if you buy other tickets during the year, you can only deduct the cost(s) of the winning ticket(s). You cannot deduct losses you claim as itemized deductions on U.S. Form 1040, Schedule A.

For Massachusetts purposes, losses (up to as much as winnings) aren't deductible even if they may be claimed as an itemized deduction on U.S. Form 1040 (Schedule A). The exception is gambling activities that are considered a trade or business.

You can deduct wagering losses (for as much as you won) from your personal income taxes, but only if your wagering activities are considered a trade or business.

For professional gambling, your gambling activity is considered a trade or business if it is: