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Gamblers Face Harsh New Tax Rules

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.