Sports aficionados in North Carolina who enjoy making a wager now and then could finally receive the green light to deduct their gambling losses according to a series of revised rules that are currently under negotiation as per a proposed state budget that still requires votes in both chambers prior to being sent to the desk of Governor Josh Stein.
Retroactive Deductions
According to WRAL in Raleigh, the deduction rule would apply retroactively beginning January 1, 2025, finally removing the Tar Heel state from the list of 10 US states that do not currently enable deducted losses.
With it, the new allowance would bring about another particularly important change: sportsbooks would be asked to report customers’ winnings going over the $2,000 threshold in a given year.
Bettors winning a minimum of $2,000 at a single state sportsbook would, however, still be handed the standard W-2G form and be subject to the new federal rule that caps gambling tax deductions at 90%…