Some states, including MA where I live do not allow you to deduct losses
against winning. It doesn't matter how much you lost you still owe a 5% tax on
winnings.
In a message dated 6/25/2005 12:55:43 PM Eastern Daylight Time,
jbqueru@gmail.com writes:
You can report gambling losses as itemized deductions, in an amount
less than or equal to your gambling wins for the year. What you cannot
do is carry losses over from one year to another, just like about any
other form of income (exceptions are typically related to long-term
investments).
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