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By Staff Reporters
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What’s Different?
Bettors are currently able to deduct 100% of their gambling losses, so they only pay taxes on their winnings. But starting next year, only 90% of gambling losses will be deductible.
So, if a professional gambler wins $100,000, then loses $100,000 that same year, according to the New York Times:
- In 2025, that gambler would owe taxes on $0.
- In 2026, that gambler would owe taxes on $10,000.
Bettors could even end up paying taxes if they finished the year with a net loss.
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Filed under: "Ask-an-Advisor", Accounting, CMP Program, Taxation | Tagged: Accounting, AMT, betting, bettors, CMP, CPA, deductions, gamblers, gambling loses, New York Times, NYT, tax, Taxation | Leave a comment »
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