Are Gambling Losses Deductible? The New 90% Rule, “Phantom Income,” and How to Actually Claim Them
Quick answer: Yes, gambling losses are deductible — but only if you itemize, only up to the amount of your winnings, and now only up to 90% of those losses for the 2026 tax year and beyond. That last change is new, and it means you can lose money gambling and still owe tax on […]