The One Big Beautiful Bill Act, enacted on July 4, 2025 as Public Law 119-21, introduced a wide range of changes that will impact tax returns for the 2025 tax year and beyond.
Beginning in tax year 2026, only 90% of gambling losses will be deductible. Additionally, professional gamblers are limited to 90% of their gambling losses and business expenses (such as travel, lodging, and tournament fees) up to the amount of their winnings. Thus, the professional gambler may still owe taxes by breaking even or losing money.
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