Tax Change Means Michiganders Can Claim Deduction For Gambling Losses

gambling-safe-4
gambling-safe-4

From the Associated Press — Michigan will start allowing people to claim a state income tax deduction for gambling losses they claim on their federal tax return. The law, enacted by Governor Gretchen Whitmer last week, is effective for the 2021 tax year and beyond. It is expected to reduce state tax revenue by $12 million to $17 million a year. Federal law allows gambling losses to be deducted by
those who are able to itemize their deductions.