Proposed federal income tax on gambling change
July 2nd, 2025 at 9:02:43 PM
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Supposedly the current “big beautiful bill” got an amendment from the senate sneakily involving taxes on gambling winnings. If the bill passes, gamblers would only be able to write off up to 90% of their losses. Meaning if you won $10k but lost $15k, guess what you’re liable for $1k in “winnings” despite having a losing year!
If this goes into effect, we might see more court cases defining what a “gambling win” is. People might claim their entire year was one “session”, especially “slot influencers”.
If this goes into effect, we might see more court cases defining what a “gambling win” is. People might claim their entire year was one “session”, especially “slot influencers”.
July 2nd, 2025 at 9:12:36 PM
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https://wizardofvegas.com/forum/gambling/betting-systems/41377-gambling-losses-deducted-at-90-instead-of-100-in-new-tax-bill/#post958843
Please see alternate thread for this discussion.
Please see alternate thread for this discussion.
May the cards fall in your favor.
