Deduction of Oklahoma Gambling Losses
Oklahoma HB 2667 was passed in the House on March 7 by a vote of 83-16 and is currently in the Senate awaiting action. If passed, gambling losses would be exempt from the Oklahoma itemized deduction limitation ($17,000) in the same manner as medical expenses and charitable contributions. Essentially, gambling losses would return to being deductible to the extent of winnings. The current language of the bill would apply the rule retroactively to tax year 2018.
We will continue to watch the progress on this bill. If you have already filed your 2018 Oklahoma return without the full benefit of your gambling losses up to gambling winnings, you should consider an amended return if the bill passes.