TITLE

Do Gambling-Friendly States Have Something Up Their Sleeves? The Unlucky 11

AUTHOR(S)
Marris, Donald
PUB. DATE
May 2007
SOURCE
Journal of State Taxation;May/Jun2007, Vol. 25 Issue 4, p37
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article looks into the tax treatment of gambling activities for 11 states in the U.S. According to the rule implemented by the federal taxation, gambling losses may offset gambling winning. It requires segregation of gambling wins from losses and inclusion of only wins in adjusted gross income (AGI). Thus, a gambler has a legal obligation to report his or her income from gambling winnings.
ACCESSION #
24828572

 

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