New for tax year 2026 — the 90% gambling-loss cap
Break even betting?
You may still owe tax.
Under the new law, gambling losses are only 90% deductible — still capped at winnings. Win $100,000 and lose $100,000 and you can only deduct $90,000, leaving $10,000 of taxable “phantom income” even though you netted zero. GambleTax reconciles your statements and computes exactly what changes for you.
Who this affects
High-volume sports bettors
Frequent action across multiple sportsbooks means large gross winnings and losses — exactly where the 90% cap bites hardest.
DFS & poker players
Daily fantasy, poker, and casino regulars face the same session-by-session reconciliation and W-2G/1099 cleanup problem.
Your accountant, backed up
We're a specialist back-office for accountants — we do the gambling reconciliation, your CPA reviews and files.
How it works
- You get a secure link — no account or password needed.
- Answer a few questions and upload your win/loss statements, W-2Gs, and 1099s.
- We reconstruct your sessions, reconcile every form, and apply the 90% rule to compute your deductible losses and phantom income.
- Your CPA or ours reviews the finished workpaper and files your return.
Not tax or legal advice. Confirm requirements with a licensed CPA — the 90% rule is new for TY2026 and a repeal bill is pending in Congress.