Tax Hit Coming For Gamblers—90% Loss Cap Turns Variance Into Income

IRS proposed rules would implement OBBBA’s 90% gambling loss cap, taxing some gamblers on income they never actually kept.

‘The margins are just too small’: Why Trump’s new gambling ‘sin tax’ laws are forcing some winning pros into early retirement

New U.S. rule limits gambling loss deductions to 90%, squeezing pros and pushing semi-retirement as high-stakes margins ...
business.rutgers

That's Entertainment: Gambling and the Tax Code

This article was co-authored by Mirit Eyalthe, the Joseph D. Peeler Professor of Law at the University of Alabama School of Law, and Jay A. Soled, a Distinguished Professor of Taxation at Rutgers ...