No. 14 Dispatch · Tax Deductions
The 90% Gambling Loss Cap in 2026: Why Breaking Even Can Now Cost You Thousands
Starting in 2026 you can only deduct 90% of your gambling losses — even in a break-even year. Win $100k, lose $100k, and $10k is still taxable "phantom income." Here's how the new §165(d) cap works, who it hits, and whether Congress kills it first.