While Rep. Jason Smith, R-Mo., told NBC News the provision was a “mistake,” the new law is expected to bring in $1.1 billion ...

Gambling stakeholders and a growing number of politicians oppose a decrease in gambling loss tax deductions. Restoring the ...

There’s no such thing as a sure bet, but gamblers have long been able to count on the fact that they would only have to pay taxes on their net winnings (total wins minus total losses). However, a new ...

A recent tax change in the One Big Beautiful Bill alters how gambling losses are treated — here’s what it means for your ...

Congressional gridlock and a federal shutdown stall efforts to restore full gambling loss tax deductions before 2026.

Starting in 2026, U.S. gamblers can only deduct 90 percent of their losses against winnings. Before, you could wipe losses ...

The house always wins in gambling, and soon it could feel like Uncle Sam does too. That’s because gamblers face what amounts to a tax hike beginning in 2026: They’ll no longer be able to deduct the ...

Some American gamblers could see significant tax increases due to the sweeping “Big Beautiful Bill” Congress passed last week. The "Big Beautiful Bill" limits gambling loss deductions to 90% starting ...

Beginning in 2026, the tax law changes just enough to irk people who dream big by heading to the casino, betting online or buying lottery tickets. Instead of gambling losses being deductible to the ...

Travelers planning casino visits to Las Vegas or Atlantic City will face new tax rules starting in 2026. Congress passed changes that reduce how much gamblers can write off when they lose money at ...

Gamblers lost a bit of a tax break in the nearly 900-page mega tax-and-spending bill that President Donald Trump signed into law July 4. If you won $1,000 betting on the Super Bowl in 2025, for ...