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Thread: Tax Reform
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Old 11-02-2017, 10:38 PM   #51
AndyC
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Join Date: Dec 2011
Posts: 4,285
Quote:
Originally Posted by Parkview_Pirate View Post
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
If I read the bill correctly the only change for gambling losses would affect professional players. Under current law professional gamblers can create a net operating loss by deducting their costs of gambling. Costs include internet, racing forms, travel, etc. The change would treat all costs as gambling losses subject to the gambling winnings limitation.
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