Michigan is even worse, simply because all gambling winnings are taxed as
ordinary income (a pinch under 4%), and you cannot deduct losses or expenses at
all. Additionally, homeowners get a rebate of sorts, the Homestead Property
Tax Credit, for property taxes paid during the fiscal year. Since this
credit is indexed against your income level, you get penalized there as well. In
2005, I had an essentially break-even year, yet I got nailed for about $250
extra due to the non-existent gambling income.
- Brian in MI
In a message dated 12/3/2006 4:25:34 A.M. Eastern Standard Time,
worksforthemoney@yahoo.com writes:
Don't move to Wisconsin because our taxes are the same. It is a big rip-off!
Lavona Rann <_Lavona@Larann.Lav_ (mailto:Lav…@…com) > wrote: The
Illinois State Law does NOT let you deduct losses from winnings.
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