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New Tax Rules for Sports Betting Losses Could Be Coming in 2025
SportsGrid
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yesterday
Category
🥇
Sports
Transcript
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00:00
A potential new way that you'd be filing taxes if you bet on sports coming next year.
00:06
In fact, right now, you can file taxes and say that you lost on sports wagering.
00:10
In fact, up to 100% of your gambling losses.
00:13
But on this new bill, which is called the Big Beautiful Bill, it's introducing a significant change.
00:20
And this is how gambling winnings and losses are taxed.
00:23
It would limit the deduction of gambling losses, folks, to 90%.
00:27
And the same with your winnings.
00:29
So that means essentially that 10% of your gambling losses are not going to be issued.
00:37
So 90% of your taxes can be filed if you lose money.
00:41
But 10% of them, you're going to have to eat it.
00:43
That's the bottom line.
00:44
Same goes for winning.
00:45
So that's good news for those of you who are winning so much money on sports wagering.
00:49
If you are out there, essentially, you're not going to be able to use 10% of your gambling losses toward your taxes next year.
00:56
That's the bottom line.
00:57
Now, by the way, this has not gone through yet.
00:59
So don't start freaking out.
01:00
Because I know a lot of you come next year, January, February, March, you're filing your taxes.
01:04
You're like, I lost X amount of money.
01:06
10% of it may not be eligible if this goes through.
01:09
And again, this will not affect the casual sports better, which is probably most of you who are watching the show out there.
01:14
I'm not seeing this from you.
01:16
I'm not seeing it.
01:17
No, no, no, no, no.
01:21
You're right.
01:22
Oh, thank you.
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