Changes to Deductibility of Gambling Losses
Effective Jan. 1, 2026, taxpayers will be limited to a ninety (90%) deduction cap for their gambling losses against any income from their gambling winning for the year. This may result in a taxpayer whose losses equal their winning and one whose losses exceed their winnings owing “phantom income.” To claim any deduction, you must continue to keep accurate records of your gambling activity and itemize your deductions on your tax return. Failure to properly document your annual winnings and losses can lead to substantial issues if you are audited by the IRS in the future.
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