08/27/2026
🎰 You can break even at the casino—and still owe the IRS!
Beginning in 2026, only 90% of your gambling losses may be deducted, up to the amount of your winnings. That can create “phantom income”: taxable income that never actually made it into your pocket.
Example: Win $100,000 and lose $100,000? You broke even—but only $90,000 of those losses may be deductible, potentially leaving $10,000 in taxable gambling income. 😳
Keep detailed records of every win and loss, and don’t wait until tax season to discover an expensive surprise. Save this post and share it with your favorite casino bestie!