US EditionNew Phantom Taxes Are Coming to Gambling in 2026 - What This Means for Your Winnings and Your Tax Burden
The IRS rule will tax gamblers on 10% of their winnings despite losses, projected to raise $125 million to $165 million annually, sparking legislation to restore full deductions.
3 Articles
3 Articles
New Phantom Taxes are Coming to Gambling in 2026 - What This Means for Your Winnings and Your Tax Burden
There’s no such thing as a sure bet, but gamblers have long been able to count on the fact that they would only have to pay taxes on their net winnings (total wins minus total losses). However, a new provision included in the recently enacted One Big Beautiful Bill Act (OBBBA) has reduced the amount of gambling losses one can claim from 100% to 90%. What does this mean for high rollers? Will your annual trip to Vegas or big parlay hit end up cos…
Republicans’ gambling tax change seen as threat to states’ revenues, legitimate casinos
Gaming experts assembled by U.S. Rep. Dina Titus, D-Nev., for a town hall this week bemoaned a tax change included in President Donald Trump’s One Big Beautiful Bill, saying it would benefit …
How the One Big Beautiful Bill Act taxes gamblers on money they didn’t keep
Imagine hitting a $1,500 jackpot on a Vegas slot machine, losing it all before leaving the casino, and yet still owing hundreds in taxes at the end of the year. That could be the reality for gamblers in America thanks to a new federal tax rule quietly slipped into the so-called One Big Beautiful Bill Act. Until now, the tax system imposed on gambling mostly made sense: If you won money, you paid taxes on your net winnings—the money you made af…
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