09/15/2026
QF Business Solutions, LLC - *** NEW TAX RULE***
The new gambling tax law 2026 limits all loss deductions to just 90% of your total losses, up to the amount of your winnings. Break-even gamblers now face a “phantom income” tax penalty, owing federal taxes on 10% of their winnings even if they made zero actual profit.
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https://qfbusinesssolutions.com/blog/w2g-form-gambling-tax or call 667-421-1089.
Expert tax preparation, bookkeeping, paralegal services, notary public, and QuickBooks training for small businesses and nonprofits in Woodlawn, MD.