Gamblers Face Harsh New Tax Rules
🎲 Tax law is changing for gamblers—casual and professional alike.
Starting in 2026, the OBBBA limits gambling loss deductions to 90% of losses. The other 10%? Gone forever.
• Casual gamblers may report taxable “phantom income” even when they break even.
• Professional gamblers can deduct only 90% of their combined losses + expenses
This controversial provision has triggered outrage, and Congress may reverse it. But if not, gamblers will need airtight records to avoid unnecessary taxes.

Video Script
Tax law is changing, and both casual and professional gamblers need to pay attention. Starting in 2026, new tax laws limit gambling loss deductions to 90%. That missing 10%? Gone forever. For casual gamblers, that means you could owe taxes on so-called phantom income—even when you break even. Professionals get hit too: they’ll only be able to deduct 90% of their combined losses plus expenses. This controversial provision has already sparked outrage. Congress might roll it back, but until then, gamblers need to prepare. The key? Keep airtight records. That way, you can defend every dollar and avoid paying more tax than you truly owe. This has been a tax saving tip from Accounting Solutions. Book a time to learn more.

Disclaimer: This content is provided for educational purposes only and is not legal, tax, accounting, or financial advice. Every situation is unique, so consult your own attorney, CPA, or financial advisor before making decisions based on this information.