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Hawaii residents now taxed on Vegas winnings even if they lose
A new bill signed into law this month by Gov. Linda Lingle has some frequent Las Vegas visitors and local CPAs scratching their heads.
Under House Bill 1495, no longer will gamblers be able to offset their winnings with their losses for Hawaii state income tax purposes. Previously gamblers would be taxed only on their net winnings, but now they will be taxed on gross winnings.
A Hawaii resident who wins $10,000 in a year, for example, and loses $9,000 in the same year used to be ta ...
Jul 30, 2009, 9:13 am - Lottery News forum
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