North Carolina lawmakers are negotiating a state budget proposal that would permit sports bettors to deduct gambling losses from their taxable income. The revised tax rules were reported by WRAL in Raleigh over the weekend.
Proposed Tax Adjustments
Under the current legislative draft, the $2,000 threshold for issuing a W-2G form remains unchanged. Bettors who exceed this limit will continue to receive standard gambling winnings documentation while gaining the new option to offset those amounts against their losses.The deduction provision is part of broader budget negotiations taking place in the state legislature. Lawmakers are reviewing the revised tax framework before finalizing the fiscal proposal for the upcoming period.