07/07/2025
The provision, only a few paragraphs, would limit what gamblers can deduct from their yearly taxes to 90% of their losses starting in 2026. Currently, bettors can deduct the entirety of their losses, up until their winnings.
Gamblers pointed out on social media that by limiting the tax deduction to 90% of losses, bettors could actually owe taxes in years when they netted losses on their bets.