Starting in 2026, tax regulations will change, limiting gamblers to deduct only 90% of their losses instead of the current 100%. This change may significantly increase the tax burden on professional gamblers and frequent casino visitors. Casual gamblers are likely to be less affected. Professional gamblers and industry advocates are opposing this change, as it complicates tax liabilities. Nevada Congresswoman Dina Titus has proposed legislation to rectify the situation, but it may face challenges in Congress due to political differences. The new rules may lead to significant tax bills for gamblers even if they break even.
"Starting in 2026, gamblers will only be able to deduct 90% of their losses, versus 100% today, leading to potential tax implications even for those who break even."
"Casinos are required to issue tax paperwork when a player wins $1,200 or more, while gamblers must track their losses themselves for potential IRS audits."
Collection
[
|
...
]