(Lansing, MI) - In Michigan, residents can now deduct gambling losses from state income taxes. The law allowing for such a deduction became official on January 1st.
Supporters said it’s only fair because, previously, gambling winnings were taxed, but losses could not be deducted. So, if gamblers lost more than they won during the year, they were still taxed on their winnings but not benefitting on their taxes from their losses in revenue.
