Befolder
04-06-2007, 04:42 PM
I am a resident of Oregon in the U.S. and can not tell whether or not I need to report my gambling income for state.
I am reporting for federal as a non-professional.
I don't see anywhere that gambling losses are allowed so I gather they aren't which would really suck if I have to report the winnings. Here is the text that I found regarding the issue:
Gambling losses claimed as an
itemized deduction O RS 461.560
[Addition code 105]
If you claimed gambling losses as an itemized deduction
on your federal Schedule A, you may have an
addition on your Oregon return.
Your gambling losses are limited to the amount of
your gambling winnings taxed by Oregon.
Oregon does not tax Oregon Lottery winnings of $600
or less from a single ticket or play. See the subtraction
for Oregon Lottery winnings on page 59.
Example: Angela reported total gambling income
of $580 on her federal return ($500 from the Oregon
Lottery plus $80 from the horse races). On her federal
Schedule A, Angela deducted $300 of gambling losses.
Angela will subtract $500 from her Oregon income. This
is the amount of her Oregon Lottery winnings. Her net
gambling winnings, taxable by Oregon, are reduced to
$80. Angela may not claim more in gambling losses than
her gambling winnings taxable by Oregon. Because her
gambling winnings taxable by Oregon are only $80, she
may not claim more than $80 in gambling losses on her
Oregon return. She is required to reduce her deduction
for gambling losses from $300 to $80. The difference of
$220 is an Oregon addition.
Gambling winnings reported in federal AGI $ 580
Less subtraction for Oregon Lottery winnings (500 )
Net gambling winnings taxable by Oregon $ 80
Gambling losses claimed on
federal Schedule A $ 300
Net gambling winnings included
in Oregon income 80
Reduction in gambling losses—
Oregon addition $ 220
That formula talks about 'net' results. The net of my winnings is 16K-12K(losses) or 4K.
So would mine look like this:
Gambling winnings reported in federal AGI $ 16,000
Less subtraction for Oregon Lottery winnings (0 )
Net gambling winnings taxable by Oregon $ 16,000
Gambling losses claimed on
federal Schedule A $ 12,000
Net gambling winnings included
in Oregon income 4,000
Reduction in gambling losses—
Oregon addition $ 8000
In essence, the state decuction I could take is 4K less than the federal I took? Does anyone see faulty logic there or did I do it right?
I am reporting for federal as a non-professional.
I don't see anywhere that gambling losses are allowed so I gather they aren't which would really suck if I have to report the winnings. Here is the text that I found regarding the issue:
Gambling losses claimed as an
itemized deduction O RS 461.560
[Addition code 105]
If you claimed gambling losses as an itemized deduction
on your federal Schedule A, you may have an
addition on your Oregon return.
Your gambling losses are limited to the amount of
your gambling winnings taxed by Oregon.
Oregon does not tax Oregon Lottery winnings of $600
or less from a single ticket or play. See the subtraction
for Oregon Lottery winnings on page 59.
Example: Angela reported total gambling income
of $580 on her federal return ($500 from the Oregon
Lottery plus $80 from the horse races). On her federal
Schedule A, Angela deducted $300 of gambling losses.
Angela will subtract $500 from her Oregon income. This
is the amount of her Oregon Lottery winnings. Her net
gambling winnings, taxable by Oregon, are reduced to
$80. Angela may not claim more in gambling losses than
her gambling winnings taxable by Oregon. Because her
gambling winnings taxable by Oregon are only $80, she
may not claim more than $80 in gambling losses on her
Oregon return. She is required to reduce her deduction
for gambling losses from $300 to $80. The difference of
$220 is an Oregon addition.
Gambling winnings reported in federal AGI $ 580
Less subtraction for Oregon Lottery winnings (500 )
Net gambling winnings taxable by Oregon $ 80
Gambling losses claimed on
federal Schedule A $ 300
Net gambling winnings included
in Oregon income 80
Reduction in gambling losses—
Oregon addition $ 220
That formula talks about 'net' results. The net of my winnings is 16K-12K(losses) or 4K.
So would mine look like this:
Gambling winnings reported in federal AGI $ 16,000
Less subtraction for Oregon Lottery winnings (0 )
Net gambling winnings taxable by Oregon $ 16,000
Gambling losses claimed on
federal Schedule A $ 12,000
Net gambling winnings included
in Oregon income 4,000
Reduction in gambling losses—
Oregon addition $ 8000
In essence, the state decuction I could take is 4K less than the federal I took? Does anyone see faulty logic there or did I do it right?