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Gambling

Tax and bookkeeping guidance for gambling winnings, losses, and gaming-adjacent small businesses under IRS and state rules

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The OBBBA's Gambling Loss Cap Means You Can Owe Tax on Money You Never Actually Won
·mike

The OBBBA's Gambling Loss Cap Means You Can Owe Tax on Money You Never Actually Won

Starting in tax year 2026, the OBBBA caps gambling loss deductions at 90% of winnings, meaning gamblers and gaming-adjacent businesses can owe tax on breakeven or even losing years, prompting three bipartisan repeal bills in Congress.

tax
tax-deductions
tax-planning