Gamblers in North Carolina are being hit with taxes even if they break even or lose money. A new bill aims to change that.
GREENSBORO, N.C. — A little-known North Carolina tax rule is hitting gamblers forcing them to pay taxes on their winnings, even if they lost just as much along the way.
Under current state law, if someone wins $10,000 gambling but also loses $10,000, they still owe taxes of $450 on the full amount of winnings. That’s because unlike federal law, North Carolina does not allow players to deduct their losses.
For James Joyce and his friends that realization was enough to make them stop…