Legislation September 24, 2026
Legislation that would restore the full federal tax deduction for gambling losses is back on track as it passed out of committee and now awaits a House vote.
Taxes April 14, 2026
A change in federal tax law taking effect this year could leave some gamblers owing taxes even when they lose money by limiting how much they can deduct in losses when they file their tax returns.
Taxes January 5, 2026
Gamblers and casual bettors nationwide face a new tax reality: Starting in 2026, they can deduct just 90% of their losses against winnings, a drop from the prior full 100% allowance.
Taxes December 18, 2025
The confirmation follows Monday’s posting of a draft IRS Form W-2G, reflecting changes mandated by the OBBBA, which amended federal information-reporting requirements for certain payments, including casino gambling winnings.
Taxes December 12, 2025
The casino executives—Derek Stevens of Circa, Tom Reeg of Caesars Entertainment, and Craig Billings of Wynn Resorts—are pressing lawmakers for the restoration of the 100% deduction for gambling losses, which was reduced to 90% under the One Big Beautiful Bill Act.
Taxes September 2, 2025
Under the OBBBA, only 90% of gambling losses will be deductible, beginning in 2026. The other 10% is gone forever. What’s more, the overall limit on gambling losses up to the amount of gambling winnings remains in place.
Taxes August 5, 2025
The Republican Texas senator has joined with Nevada Democrats on legislation to restore the full deductibility of losses, saying it’s a matter of basic fairness for professional players who depend on their winnings to pay their bills.
Taxes July 24, 2025
The slot reporting threshold is governed by an IRS regulation, so the change will not go into effect until the agency updates its rules.