Fairmount1 Wrote:
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> Steven Crist's book Exotic Betting has been
> praised and criticized since its release now just
> a smidge under two decades ago. That's hard to
> believe that much time has passed. Nonetheless,
> Chapter 5 was titled "The Tax Man Cometh."
>
> I would really like to know what a guy like Mike
> Maloney and others similarly situated have planned
> for 2026. Now the Tax Man is Really coming. The
> amendment to the NDAA to correct the gambling loss
> deduction to 100% was not accepted. If you aren't
> familiar, it is worth looking into this issue just
> to be familiar although doubtful it affects a lot
> of you on here but maybe a few of you?
>
> Good news though, the breeders secured a big win
> with deductions in the Big Beautiful Bill. 100%
> bonus depreciation is permanent retroactive to Jan
> 20, 2025.
>
> All that said, I am genuinely curious how a
> professional player among the few out there moves
> ahead. Maybe they continue ahead with the hope of
> it being corrected retroactively but that seems
> risky? Maybe they say you can't overcome it and
> have to stop playing truly professionally and play
> under the radar moving ahead using cash only?
> Wow, what a predicament and so curious what folks
> will do in that situation.

Why do you think this only involves professional players? If your annual handle is $500,000 and you broke even or worse, according to the IRS, you had a taxable gain of $100,000. You could in fact lose $100,000 on the year and then owe the IRS an extra $35k (literally adding insult to injury). At least New York is not going to come after me for phantom "wins" although New Yorkers are already getting killed on the SALT Deduction limitations. It is clear, they go after their enemies by taking away their deductions - clearly horseracing is an enemy. They are taking away enough gambling losses deductions to insure everybody is a "winner". It is that grotesque.