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Mon July 29, 2013
You Won't Be Able To Deduct Your Gambling Losses For Much Longer
Kansas gamblers will still be able to deduct part of their losses on their income tax forms this year, but starting next year that deduction is gone.
Doing away with the little-used gambling deduction was a popular idea among lawmakers during their session.
The bill that included gambling losses cut most deductions by 30 percent for the 2013 calendar year.
Starting in 2014, items like the home mortgage deduction will be gradually stepped down to 50 percent by 2018, but the gambling loss deduction is being wiped out completely. No lawmakers stepped forward to defend the gambling deduction, and there has been little public opposition to the move.