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.

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