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?
Thanks,
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Michael Rubinstein
CPA
Michael D. Rubinstein CPA, PC
North Bellmore NY
516-900-1429
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