Here's What Tax Experts Want Poker Players to Know About Trump's 'Big Beautiful Bill'
Gambling tax experts are warning poker players to be aware of legislation that "could have a major effect on the industry" after Congress passed the Trump administration’s Big Beautiful Bill (OBBBA) that, among other things, caps gambling loss deductions at 90% of winnings.
The U.S. House of Representatives passed the bill with a 218-214 vote on Thursday after delaying a vote for several hours the previous night.
“It will negatively affect the recreational player," Ray Kondler of Kondler CPA, a Las Vegas-based CPA firm specializing in gambling taxation, told PokerNews’ Keith Becker. "Because in the past, where you could deduct 100% of your losses, now you can deduct 90%. So basically you’re paying income tax on phantom income you might not have ever have made.”