Chris Wittich tackles a late-breaking tax change that’s creating a lot of noise: the new 90% cap on deductible gambling losses.
Previously, gambling losses were deductible up to the amount of winnings now, only 90% of those losses count. The result? Gamblers who break even could still owe tax on phantom income.
Chris explains how this rule affects both casual gamblers and professionals, why Minnesota taxpayers may already be familiar with this kind of treatment, and why this provision, despite being called “permanent”, may not last. Lawmakers are already introducing bills to repeal it.
If gambling shows up on your return, this is one to watch.
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