Gambling Loss Deduction Cap Hits The 2026 WSOP As Fields Shrink
The 2026 World Series of Poker is the first held since the 90% cap on gambling loss deductions took effect Jan. 1. The change can create “phantom income,” meaning players who break even or lose for the year can still owe federal tax. Early high-stakes turnout is down, with one $5,000 event drawing 570 entries … Read more