Halo

Yikes. Senate Amendment to the Big Beautiful Bill = You get taxed on more than you earned from gambling, even if you netted $0 (or less!). Here's how it works and what you can do... The change If it passes in this form, starting in 2026, gambling losses (and expenses) will only be 90% deductible (and still only up to your total winnings). What this means in plain English If you win $100k and lose $100k – You’ll owe tax on $10k of “phantom” income. If you win $100k and lose $50k – You actually profited $50k, but you’ll owe tax on $55k. If you win $100k and lose $150k – No tax owed (your deduction is capped at $100k, which is more than 90% of $150k ($135k)). (Editing in from my post below because it's important: A pro who earns $200k/year might have $3m in winnings and $2.8m in losses. This means earning $200k and being taxed as if they earned $480k.) This applies to both recreational and professional gamblers. For pros, your travel, coaching, software, etc. are lumped into the “loss” bucket and still subject to the 90% cap. What to do Pulling from @russcfox's post: "If you don't like this (and I don't), and if you have a GOP Congressman, let them know. (You can find your House representative at house.gov/representatives/fi…) Be respectful in your message, and, yes, they are looked at." Thank you for breaking the news and keeping poker players posted, Russ! --