Navigating Gambling Taxation: Understanding the Session Method

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