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Can you offset wins with losses in Illinois?

Discussion in 'Non-Vegas Chat' started by buomalley, Jul 24, 2013.

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  1. buomalley

    buomalley Tourist

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    If I were to hit a taxable win in Vegas, can I use losses to offset that win, or do I have to pay Illinois taxes on that win regardless of losses?

    Thanks!
     
  2. meyers67

    meyers67 High-Roller

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    Your Illinois tax is based on your 1040 income prior to offsetting your losses.

    As a result, you cannot offset losses on your IL return, as you can on your federal return.
     
  3. Viva Las Vegas

    Viva Las Vegas Ramblin' Gamblin' Man

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    No, you cannot deduct as you can on the Federal return if you itemize.

    Look for an increase in State income tax to 7% within the next few years ("temporarily" but of course - sort of like the "temporary" Tollway System (since 1960s) or the hike to 5%).

    It's the main reason I primarily dropped my VP play down from $1 to $0.25 level to keep my post tax EV at Full Pay level and not pay 200 coin tribute for each RSF to the State.
     
  4. buomalley

    buomalley Tourist

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    I was afraid of that.

    Thanks very much for your replies.
     
  5. shifter

    shifter Degenerate Gambler

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    One reason I love Chicago but will never live in Illinois.
     
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