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posted Mar 26, 2023 9:19:20 AM

In Massachusetts on schedule Y can you explain the gambling loss column?

what is max amount

0 1 439
1 Replies
Expert Alumni
Mar 26, 2023 9:39:37 AM

You may claim a deduction for gambling losses only if the losses were incurred at any Massachusetts gaming establishment. 

 

The deduction allowed for such losses may not exceed the amount of winnings included in gross income for the calendar year, so you are allowed a deduction up to the amount of gambling winnings, but you can have a gambling loss.

 

Learn more on pages 22-23 of Form 1 Instructions.