Since gambling losses are not subject to the 2% AGI floor, they are still allowed under the new law.
The problem for many folks will be the much higher $24,000 standard deduction if married, $12,000 if single. If you need to deduct losses, you will miss out on this higher standard deduction. Given that state and local taxes are limited to $10,000, this is likely to be a hidden tax on gambling for many people.
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Posted by: onetime7500@yahoo.com
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