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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.

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.