Re: Help me out with the new wagering IRS rules (443 Views)
Posted by: belmont3 (IP Logged)
Date: September 30, 2025 08:02PM
The current law says you can deduct losses to the extent of your winnings.
The new law says you can only deduct losses up to 90% of your winnings.
Technically, under both laws, one is required to report all gambling winnings.
Technically, we should all be keeping detailed records of our winning and losses.
For example:
Player Shannie cashes $1 million in winning bets in 2026.
Player Shannie loses $10,000,000 on all other bets (LOL).
Player Shannie gets to deduct $900,000 in losses against his $1,000,000 in winnings.
Thus, despite losing $9,000,000 dollars net, Player Shannie gets to report $100,000 in gambling winnings and pay Uncle Sam income tax on the $100k
What a Big Beautiful Bill. LOL
I think I have this right. It means we all need to retire January 1, 2026.
The new law says you can only deduct losses up to 90% of your winnings.
Technically, under both laws, one is required to report all gambling winnings.
Technically, we should all be keeping detailed records of our winning and losses.
For example:
Player Shannie cashes $1 million in winning bets in 2026.
Player Shannie loses $10,000,000 on all other bets (LOL).
Player Shannie gets to deduct $900,000 in losses against his $1,000,000 in winnings.
Thus, despite losing $9,000,000 dollars net, Player Shannie gets to report $100,000 in gambling winnings and pay Uncle Sam income tax on the $100k
What a Big Beautiful Bill. LOL
I think I have this right. It means we all need to retire January 1, 2026.
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