What does the 90% cap change for you?
Starting in 2026, only 90% of wagering losses are deductible. You can finish a year even and still owe tax. It does not reach everyone, and where it does, how the year gets counted usually matters more than how you bet.
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State treatment is a separate analysis and is not addressed here. Several states limit or deny wagering loss deductions, which can produce meaningful state tax on a year that nets to nearly zero federally.
This assessment is informational only. It is not legal or tax advice, does not create an attorney-client relationship, and should not be relied upon in preparing a return or taking a reporting position. Please do not send confidential information before we have discussed whether I can represent you.