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  • 1.  Gambling losses in NYS

    Platinum Most Valuable Member
    Posted 09-11-2023 02:24 PM

    Question: (I think that I already know the answer)

    a client had $1,500,000 in income plus $500,000 in gambling winnings.  He has $500,000 in losses.  No problem for the federal, but New York, with the limitation on itemized deductions when income is over $1,000,000, takes the standard deduction and ignored the gambling losses. Any alternatives? 


    Michael Rubinstein
    Michael D. Rubinstein CPA, PC
    North Bellmore NY

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