Reply To: The Tax Man

There’s a book called Tax Help for Gamblers (4th Edition) sold by Huntington Press (Las Vegas Advisor). I would encourage you to purchase and read that book. While it is not a perfect substitute for the advice of a CPA who is experienced with gamblers, it is written by an accountant, if I’m not mistaken, and it has a wealth of good information.

Also, beginning with this tax year, you can only deduct 90% of your gambling losses on your federal return, not all of them anymore; this change was part of the One Big Beautiful Bill. Two of Nevada’s congressional representatives, Dina Titus and Steven Horsford, are trying to introduce legislation to change that back to the way it was before, but it seems unlikely that any such legislation will pass before the end of the year, and of course, there is a significant probability of a presidential veto even if it does eventually pass both houses of Congress.