NY State gambling winnings & losses. - Accountants Community NY State gambling winnings & losses. On New York State Form IT-201 can you offset gambling winnngs with gambling losses? ... I'm not challenging the deductibility of gambling losses or making any editorial comment on the morality of gambling or whether, as you said, it "doesn't deserve a tax benefit". ... Be clear and state the answer right up ... Can I offset my gambling winnings from my resident state ... Your gambling losses are federal itemized deduction on schedule A. You may or may not benefit based on your other itemized ductions and your overall tax situation. Then for your New York State return, you will either use your federal itemized deductions plus certain state adjustments, or you will use the New York state standard deduction. I have some w-2g gambling winnings. I have an equal amount ... I have some w-2g gambling winnings. I have an equal amount of losses. When I enter the w-2g winnings and the losses, Im still paying tax on the New york State portion? Tax Issues With Gambling Winnings and Losses - BKLYNER
Tax Deduction for Gambling or Wagering Losses - Lawyers.com
Tax Deduction for Gambling or Wagering Losses - Lawyers.com If these expenses, in addition to your gambling losses, don't exceed your standard deduction, you won't be able to itemize. This means you'll get no deduction for your gambling losses. As a result, you'll have to pay income tax on all your gambling winnings, with no deduction at all for your losses. A true tax disaster. ALFRED AND DEBRA KAYATA - New York State Division of Tax ... Petitioners, Alfred and Debra Kayata, filed a petition for redetermination of a deficiency or for refund of New York State and New York City personal income taxes under Article 22 of the Tax Law and the New York City Administrative Code for the years 2006, 2007 and 2008. Can I deduct my gambling losses as an itemized deduction ... In order to claim your gambling losses, you must report the full amount of your gambling winnings for the year on the line for “Other income” on Form IT-201, Resident Income Tax Return. You then may deduct your gambling losses for the year (up to the amount of winnings) as an itemized deduction. NY State gambling winnings & losses. - Accountants Community
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Recommended Answer. Your gambling losses are federal itemized deduction on schedule A. You may or may not benefit based on your other itemized ductions and your overall tax situation. Then for your New York State return, you will either use your federal itemized deductions plus certain state adjustments, or you will use... New York State Department of Taxation and Finance Taxpayer ...
Gambling Losses Schedule A - If you have a non-tax gaming ...
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How to Pay Taxes on Gambling Winnings and Losses ...
How to Pay Taxes on Gambling Winnings and Losses ... How to Pay Taxes on Gambling Winnings and Losses. ... If you win a brand new laptop in a raffle, this counts as income, too. ... E-file fees do not apply to New York state returns. Savings and price comparison based on anticipated price increase. Prices subject to change without notice. STATE OF NEW YORK federal conformity prohibits New York from limiting the itemized deduction of gambling losses to an amount less than that allowed under the Internal Revenue Code (IRC). Petitioner also pointed out that Division publication 140-W does not specifically state that the New York State Tax Deduction for Gambling or Wagering Losses - Lawyers.com The only major personal deductions remaining are those for home mortgage interest, state and local taxes (capped at $10,000 per year), charitable contributions, and unreimbursed medical expenses (over an AGI threshold). If these expenses, in addition to your gambling losses, don't exceed your standard deduction, you won't be able to itemize. What’s in the Tax Bill, and How It ... - The New York Times
Report your losses (up to the amount of your winnings) and your allowable out-of-pocket gambling-related expenses (for transportation, 50% of out-of-town meal costs, out-of-town lodging, and so ... New York State Department of Taxation and Finance Taxpayer ... Petitioner presents the following facts. A New York State taxpayer has New York adjusted gross income of $100,000 or more, and itemizes deductions when computing New York taxable income. The taxpayer is not a professional gambler, but has $1,000,000 in reportab!e gambling winnings and has $1,200,000 in total gambling losses. For federal income ... Can I deduct my gambling losses as an itemized deduction ... In order to claim your gambling losses, you must report the full amount of your gambling winnings for the year on the line for “Other income” on Form IT-201, Resident Income Tax Return. You then may deduct your gambling losses for the year (up to the amount of winnings) as an itemized deduction. NY State gambling winnings & losses. - Accountants Community