{"id":2400609,"date":"2025-02-08T08:59:57","date_gmt":"2025-02-08T13:59:57","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tax-deduction-for-gambling-losses-proposed-in-north-carolina-washington-examiner\/"},"modified":"2025-02-08T09:01:18","modified_gmt":"2025-02-08T14:01:18","slug":"tax-deduction-for-gambling-losses-proposed-in-north-carolina-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tax-deduction-for-gambling-losses-proposed-in-north-carolina-washington-examiner\/","title":{"rendered":"Tax deduction for gambling losses proposed in North Carolina &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftax-deduction-for-gambling-losses-proposed-in-north-carolina-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2400609&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A recent proposal in North Carolina aims to allow taxpayers to \u200cdeduct gambling losses\u2063 from\u200d their taxable income, aligning state law with federal regulations and practices in most other states that permit \u200clegal\u200b sports betting.Rep. Erin Par\u00e9,\u200b a Republican from Wake County, introduced the \u2063measure in anticipation of \u200bsignificant revenues from \u2064this year&#8217;s Super Bowl, \u2064where <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/america-gambles-with-its-future\/\" title=\"America Gambles With Its Future\">legal sports betting<\/a> could generate over $1.5 billion. The proposed legislation, known as House Bill 14, \u200cwould be retroactive to January 1, 2024, and \u200dis expected \u2062to gain bipartisan support after being \u2064previously endorsed by the former Democratic governor. <\/p>\n<p>Currently,to be eligible for the deduction,filers must itemize their deductions and surpass the standard deduction amounts of $12,750 for singles and $25,500 for married\u2063 couples.\u2064 the proposal addresses tax inequalities, as it treats winners \u2062and losers equally under the existing tax structure. So far, North Carolina, which legalized sports betting in 2022, has seen over \u200b$5 billion wagered, generating\u200c more than\u200b $105 million \u200cin state revenue.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Tax deduction for gambling losses proposed in North Carolina<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1981754\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>(The Center Square) &ndash; Legal betting nationwide for Sunday&rsquo;s 59th Super Bowl between the Eagles and Chiefs is expected to generate a record-setting $1.5 billion or more in what will be North Carolina&rsquo;s first time with legal wagers.<\/p>\n<div class=\"article-paywall\">\n<p>Rep. Erin Par&eacute;, R-Wake, hopes to bring the state in line in another way, too, offering a proposal for sports gambling losses to be deducted on taxes. It is at the federal level and in most states.<\/p>\n<p>&ldquo;This bill conforms North Carolina law&nbsp;<a href=\"https:\/\/www.irs.gov\/taxtopics\/tc419\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>to federal law<\/strong><\/a>&nbsp;and seeks to prevent confusion and surprise tax bills,&rdquo;&nbsp;<a href=\"https:\/\/x.com\/ErinforNC\/status\/1884671612806459511\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Par&eacute; says.<\/strong><\/a>&nbsp;&ldquo;The vast majority of states that have legal sports betting allow this deduction capped at winnings.&rdquo;<\/p>\n<p><a href=\"https:\/\/www.ncleg.gov\/BillLookUp\/2025\/H14\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Gambling Losses Tax Deduction<\/strong><\/a>, also known as House Bill 14, would become retroactive to Jan. 1, 2024, if signed into law. Given such a move was supported by the last Democratic governor, the legislation has high probability to become law.<\/p>\n<p>North Carolina, like every state in the South sans Florida, Tennessee and Texas, has a state income tax.&nbsp;<a href=\"https:\/\/www.ncleg.gov\/Sessions\/2025\/Bills\/House\/PDF\/H14v1.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>To deduct gambling losses<\/strong><\/a>, a filer would have to be itemizing and exceeding the amounts of the standard deduction.<\/p>\n<p>Single filers standard deduction is $12,750, and married filing jointly is $25,500.<\/p>\n<p>Under current format, two taxpayers could each win $100,000 in sports gambling &ndash; the first without losses, the second with $100,000 in losses for a net $0. The winnings &ndash; gross not net &ndash; of each are treated equally for tax purposes.<\/p>\n<p>North Carolina is the 38th state to allow <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-tool-will-allow-college-athletes-to-report-gambling-suspicions-to-a-sports-wagering-monitor\/\" title=\"College athletes can now report gambling suspicions to a sports wagering monitor using a new tool.\">legal sports wagering<\/a>. Promotionals, like when it debuted on March 11 of last year just before March Madness, are flooding in from multiple sportsbooks.<\/p>\n<p>More than $5 billion has been wagered, yielding more than $105 million to state coffers. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/monthly-sports-wagering-take-up-slightly-and-football-is-coming-washington-examiner\/\" title=\"Monthly sports wagering take up slightly, and football is coming - Washington Examiner\">gross wagering revenue &#038;ndash<\/a>; amounts received by <a href=\"https:\/\/amzn.to\/3YuVZYV\">interactive sports wagering operators<\/a> from sports wagers as authorized under state law, less the amounts paid as winnings before any deductions for expenses, fees or taxes &ndash; is multiplied by 18% to give the state its take.<\/p>\n<p>Through the first 296 days ending Dec. 31, North Carolina is&nbsp;<a href=\"https:\/\/www.thecentersquare.com\/north_carolina\/article_c7db7bb0-d762-11ef-af9c-df7d735e0fdc.html\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>averaging a gain of $354,919 per day<\/strong><\/a>&nbsp;on the $105,056,250 total.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1981754\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1981754\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>North Carolina proposes tax deduction for gambling losses<\/p>\n","protected":false},"author":1,"featured_media":2400610,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/north-carolina-state-capitol-istock-1024x683.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[50070,32258,40124],"class_list":["post-2400609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-gambling-losses","tag-north-carolina","tag-tax-deduction"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/north-carolina-state-capitol-istock-1024x683.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2400609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2400609"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2400609\/revisions"}],"predecessor-version":[{"id":2400613,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2400609\/revisions\/2400613"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2400610"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2400609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2400609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2400609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}