Gambling loss tax deduction reinstated in Hawaii - Hawaii News Now - KGMB and KHNL

Gambling loss tax deduction reinstated in Hawaii

HONOLULU (HawaiiNewsNow) - Hawaii gamblers will get a break on their taxes. The governor signed a bill allowing gambling losses to be deducted from your taxable winnings. 

For instance, if you win a thousand bucks in Vegas but then lose half that back to the casino, you would only have to pay Hawaii taxes on 500 bucks. This is actually a return to the way things once were. 

Back in July, the Governor canceled the gambling deduction.  But the state was forced to re-enact the law to conform with the IRS code.  Hawaii now allows retroactive deductions back to January of last year.

Copyright 2010 Hawaii News Now. All rights reserved.

Powered by Frankly