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With over 35 years of experience, Kelly Tax Pros specializes in personal, small business, corporate, and partnership tax preparation. Our expertise lets you focus on your business priorities while we take care of compliance.
One Big Beautiful Bill Act
Deduction for Gambling Losses The TCJA is amended for §165 to clarify that losses directly associated with wagering transactions is deductible for professional gamblers. Indirect losses, such as travel expense is not deductible.
Losses are limited to 90% of losses, not to exceed gains from such transactions after December 31, 2025, and apply to both recreational and professional gamblers. (Pub. L. 119-21, Sec. 70114)