The IRS views almost all gambling winnings as taxable income. This includes sportsbooks, lotteries and even bingo winnings.

As we step into 2026, gamblers across the United States must urgently adjust to the changes to the gambling losses tax brought about by the One Big Beautiful Bill Act (OBBBA). Signed into law in 2025, ...

Forbes contributors publish independent expert analyses and insights. Nathan Goldman is a tax prof. at NC State Univ. The One Big Beautiful Bill Act of 2025 was signed into law on July 4. While many ...

CLEVELAND - U.S. Rep. Max Miller has introduced bipartisan legislation that would reverse a recent change in federal tax law that forces gamblers to pay taxes on money they never actually earned.

Wednesday’s federal government shutdown has become Congress’ No. 1 priority, dealing another blow to legislation that would reinstate a 100% gambling loss tax deduction. Key Takeaways Federal shutdown ...