A new tax law effective in 2026 limits gambling loss deductions to 90% of winnings. Learn how this creates "phantom income" ...

A U.S. congressional effort to restore full federal deductions for gambling losses has stalled after the House Rules ...

A new law capping gambling loss deductions at 90% went into effect on Jan. 1, 2026. The new gambling tax policy forces ...

Gambling losses have been tax-deductible in the past, but this time around, gamblers will be limited to receiving a 90 ...

The IRS made it official that the new slot winnings reporting is boosted to $2,000. Casino players and lobbyists are still ...

LAS VEGAS - Restoring a 100% gambling tax loss deduction is the top legislative priority for gambling stakeholders. Returning that threshold has not come easily in Congress, where a government ...

The recent NBA betting scandal that led to more than 30 arrests has spurred renewed regulatory and fan focus on illegal gambling and professional sports. Financial advisors, meanwhile, say the spike ...

Forbes contributors publish independent expert analyses and insights. Nathan Goldman is a tax prof. at NC State Univ. According to Section 61 of the Internal Revenue Code, all income is subject to ...