New bill proposes N.C. tax deduction for gambling losses
The following article appeared in the Feb. 12, 2025, edition of The Charlotte Ledger, an e-newsletter with smart and original local news for Charlotte. We offer free and paid subscription plans. More info here.
A new bill proposed in the state legislature would allow North Carolinians to deduct gambling losses on their state income taxes, which could prevent unexpected tax bills from hitting those who take part in newly legalized online sports betting.
The Ledger reported last spring on a quirk in N.C. tax law that allows gambling winnings to be taxed while preventing gambling losses from being deducted. Under current law, gamblers who file their taxes correctly could owe the state money even if they lost money on gambling over the course of the year (which most of them do).
If you win a $100 bet and then lose a $100 bet, most people would consider that breaking even. But for tax purposes, you are supposed to pay taxes on the $100 you won and cannot offset that tax with your $100 loss.
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