are gambling losses deductible mass
Effect on Other Documents: Informational Publication 2009(36), Connecticut Income Tax Treatment of Gambling Winnings Other Than State Lottery Winnings, is modified and superseded and may not be relied upon on or after the date of issuance of this Informational Publication. Therefore, the only gambling losses deductible in computing adjusted. gross income are those clearly specified in Section 17072, i.e., those. attributable to a trade or business (limited to the extent of the gains and to. the provisions of Section 17297). Gambling losses (to the extent of gambling gains) are deductible in computing. adjusted gross income insofar as they are attributable to a trade or business. (subject to the illegal activities limitation of Section 17297 of the Personal. Income Tax Law). Advice is requested as to whether gambling losses (to the extent of gambling. gains) are deductible in computing adjusted gross income or are only deductible. from adjusted gross income in computing net income. Gambling winnings means and includes proceeds from a wager placed in a sweepstakes; wagering pool or lottery (other than state-conducted lottery); payments made to winners of poker tournaments on or after March 4, 2008; or proceeds from a wagering transaction (including a wagering transaction in a casino, a parimutuel pool with respect to horse ... Therefore, the only gambling losses deductible in computing adjusted gross income are those clearly specified in Section 17072, i.e., those attributable to a trade or business (limited to the extent of the gains and to ADJUSTED GROSS INCOME: GAMBLING LOSSES Syllabus: Gambling losses (to the extent of gambling gains) are deductible in computing adjusted gross income insofar as they are attributable to a trade or business (subject to the illegal activities limitation of Section 17297 of the Personal Income Tax Law). Advice is requested as to whether gambling losses (to the extent of gambling gains) are deductible in computing adjusted gross income or are only deductible from adjusted gross income in computing net income. Section 17072 of the Personal Income Tax Law defines adjusted gross income as meaning gross income minus specified deductions, among which are those If a payer of gambling winnings maintains an office or transacts business in Connecticut, the payer is required to report payments of gambling winnings to DRS if the payer is required to report the payment to the IRS and the payment is made to a resident or to someone receiving the payment on behalf of a resident. If the winner is a nonresident of Connecticut, gambling winnings, whether from gambling in Connecticut or from gambling outside Connecticut, are not subject to Connecticut income tax. 2. Are gambling losses deductible? Gambling losses are not deductible for Connecticut income tax purposes even though, in certain circumstances, they are deductible for federal income tax purposes. 3. May a resident or part-year resident claim a credit against his or her Connecticut income tax for income tax paid to another state on gambling winnings? Gambling winnings means and includes proceeds from a wager placed in a sweepstakes; wagering pool or lottery (other than state-conducted lottery); payments made to winners of poker tournaments on or after March 4, 2008; or proceeds from a wagering transaction (including a wagering transaction in a casino, a parimutuel pool with respect to horse races, dog races, or jai alai).
Yes, gambling losses are deductible mass.