You'll need to sign in or create an account to connect with an expert.
Yes, certain Mass casino gambling losses are now deductible - but only up to the amount of your winnings from those same establishments.
"Massachusetts has adopted a new deduction from 5.1% income, allowing a deduction for losses from wagering transactions, that were incurred at a gaming establishment licensed in accordance with MGL ch 23K or a racing meeting licensee or 2018 Form 1 Instructions 22 simulcasting licensee, only to the extent of the gains from such transactions."
See pages 21 and 22 of the Form 1 instructions for a detailed explanation and some examples
https://www.mass.gov/files/documents/2019/01/16/dor-2018-inc-form-1-inst.pdf
Yes, certain Mass casino gambling losses are now deductible - but only up to the amount of your winnings from those same establishments.
"Massachusetts has adopted a new deduction from 5.1% income, allowing a deduction for losses from wagering transactions, that were incurred at a gaming establishment licensed in accordance with MGL ch 23K or a racing meeting licensee or 2018 Form 1 Instructions 22 simulcasting licensee, only to the extent of the gains from such transactions."
See pages 21 and 22 of the Form 1 instructions for a detailed explanation and some examples
https://www.mass.gov/files/documents/2019/01/16/dor-2018-inc-form-1-inst.pdf
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Jd152
New Member
ronhaha108
New Member
kristinacook284
New Member
megan12345678910
New Member
paris27
New Member