Wondering how the new gambling tax rules could affect your 2026 tax return? CEO David King and Chief Tax Officer & Lead Tax Attorney Philip Hwang explain the new limitations on gambling loss deductions under the One Big Beautiful Bill Act and what they could mean for taxpayers. Learn how gambling winnings are taxed, when Form W-2G is required, why accurate recordkeeping is essential, and how the new 90% deduction limit could leave some taxpayers paying taxes on “phantom income.”
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