10/09/2026
🎰💰 HIT THE CASINO? WON BIG, THEN GAVE MOST OF IT RIGHT BACK?
You walked into the casino feeling lucky.
Won $10,000. 🤑 Lost $8,000. 😩 Walked out with $2,000.
🏦🕵♂️BUT THE IRS HAS A DIFFERENT WAY OF LOOKING AT THOSE NUMBERS!
For the 2026 tax year, gambling winnings are generally taxable, and gambling losses are subject to specific deduction rules.
Here's the part that might surprise you:
Under the NEW federal rules for 2026, eligible taxpayers can generally deduct only 90% of qualifying gambling losses, up to the amount of their gambling winnings, when itemizing deductions.
That means winning $10,000 and losing $8,000 could leave you reporting $10,000 in winnings with only $7,200 in deductible losses, even though you actually walked away with just $2,000!
And yes, documentation matters!
🇺🇸 PTS TAX TALK: 🎰 The casino might take your money, but the IRS still wants to know what happened at the table! 😂💰