Navigating New Gambling Tax Legislation

Colin, Joe748, and SD1 are joined by tax expert Gary Kondler to break down how new legislation could impact gamblers’ taxes. Gary explains the proposed 10% cap on deductions, how it affects pros and recreational players, and why W2Gs, 1099s, and session accounting matter more than ever. They cover real-world examples, what gamblers can do to prepare, and why planning ahead is critical as these changes loom.

• New 90% gambling loss deduction rule
• Impact on different gambler types
• Professional vs. amateur gambler status
• Session method reporting
• Practical tax strategies
• Audit risks and triggers

If you want to contact Gary for your tax needs you can find him here