New 2026 gambling tax limits loss deductions to 90%, raising taxes for bettors. Learn how Congress is responding and what ...

A new tax law effective in 2026 limits gambling loss deductions to 90% of winnings. Learn how this creates "phantom income" ...

If you’ve been waiting for the One Big Beautiful Bill tax changes for gambling losses to be reverted, you’re not alone. As Congress gets back to work, a big issue is on the table for gamblers and the ...

The recent NBA betting scandal that led to more than 30 arrests has spurred renewed regulatory and fan focus on illegal gambling and professional sports. Financial advisors, meanwhile, say the spike ...

It's a decent bet: Professional gamblers will become the first taxpayers ever to pay Uncle Sam for unrealized or "phantom" income in 2026. Processing Content That's because, barring changes to the One ...

Legislation to restore a key gambling loss tax deduction still awaits further action as the U.S. House of Representatives returns to normal business. Congress has yet to act on legislation that would ...

The 90% limit on deductibility of gambling losses is scheduled to take effect with the first tax year beginning January 1, 2026. Despite the proximity to the law being in effect, there is a late‑stage ...

Gambling can be thrilling, but it can also lead to huge losses. Throughout history, there have been many stories of people who lost a lot of money due to their gambling habits. This article looks at ...

Days after President Donald Trump said he'd “think about” eliminating taxes on gambling winnings, a Nevada Representative implored a House committee to restore 100% deduction on losses. Rep. Dina ...