Re: Help me out with the new wagering IRS rules (425 Views)
Posted by: Silver Charm (IP Logged)
Date: October 01, 2025 09:56AM
That would be reportable winnings. Not a Million $$ in just winnings.
There are similar but slightly different rules when it comes to reporting Capital Gains and Losses on Stocks. If it a Loss year you get capped at $3K with a roll over.
Also if a Businessman has 4 or 5 LLC's and he makes some money on all but that one has $1,000,000 in losses giving him a net loss of $800,000 he is capped out at approx $600,000 ( does he file single or jointly). However again there is a rollover.
The only thing missing on this gambling loss rule is the rollover.
There are similar but slightly different rules when it comes to reporting Capital Gains and Losses on Stocks. If it a Loss year you get capped at $3K with a roll over.
Also if a Businessman has 4 or 5 LLC's and he makes some money on all but that one has $1,000,000 in losses giving him a net loss of $800,000 he is capped out at approx $600,000 ( does he file single or jointly). However again there is a rollover.
The only thing missing on this gambling loss rule is the rollover.
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