Gambling loss tax deduction reinstated in Hawaii

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.