The IRS and Treasury Department Thursday released proposed rules on a new cap for gamblers deducting their wagering losses.
The proposed rules (RIN:1545-BR73) largely update old regulations to reflect changes made by President Donald Trump’s flagship law last summer.
Republicans’ 2025 tax-and-spending law changed rules on how winnings and losses from gambling are reported by the gambler. The law imposed a 90% cap on deductible wagering losses limited to winnings starting for tax year 2026.
The proposed rules also update the information reporting threshold increase from the law for companies that are required to send certain 1099 forms and Form-W2s ...
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