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Originally Posted by _______
I can’t find specifics on the limits for gambling losses which I assume might be of interest to some on this board. Anyone else have better luck?
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Found this older link on earlier versions of the plan. If accurate, it would be a game changer for horseplayers. Illinois was like this when I was a resident.
https://www.nmcpa.com/blog/deduction...proposal/42502
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Gambling Losses – Currently, gambling losses are only deductible in an amount equal to gambling winnings. Under Trump’s plan, these losses would no longer be deductible, meaning that taxpayers would have to pay taxes on all their winnings – even if they have net losses. Senior citizens and others who gamble recreationally could be hit with significant taxes even when they actually lose money.
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