- Trump’s budget bill piles up tax odds for gamblers. Starting in 2026, gamblers can only deduct 90% of their losses, compared to 100% today. This means that even if you break in during the year, you will still face tax bills. Professional gamblers and other parts of the gaming community are opposing this behavior.
Donald Trump fought hard in Nevada in 2024, but his recent budget bill did not gambler good.
One of the warnings in legislation will limit the number of gambling losses that can offset bet losses to 90%. This is what 100% of gamblers say now.
It’s unlikely to have a leisure time gambler Too difficult, but starting next year, visitors and professional gamblers in Las Vegas (and other casino towns) may see higher tax bills.
When a player wins $1,200 or more, the casino must issue tax documents. But gamblers have to keep up with their own losses, and the IRS often asks them to support these claims, which is not always easy.
Casinos always have an advantage over gamblers, so even those who win big wins often suffer huge losses. Traditionally, these losses have been used to reduce tax bills at the end of the year. However, under the new rules, they may pay higher amounts or potentially pay a large amount of taxes even if they violate it only in the year.
Nevada Representative Dina Titus, who highlights the clause On social mediahave Introduced The law will serve as a “legislative restoration that can handle game losses in the tax law fairly,” but as a Democrat, she may have a hard time pushing that loss.
Professional gamblers also condemned the changes.
“Suppose we won $5.2 million in all the courses we attended throughout the year, and lost $5 million and netted $200,000.” On social media. “Now, we’re going to pay, as if we’ve won $5.2 million, minus 90% of $5 million, which is $700,000 for $4.5 million… So you make $200,000 in the year and pay taxes, it’s like you make $700,000.”
