Episode 32: Big Beautiful Bill - Wagering Losses

Written By Felicia Tanzi

Can you still deduct your gambling losses? Not entirely.

In this episode of Full Throttle Finance™, we break down a major tax change tucked into the Big Beautiful Bill (H.R. 1), a new rule that limits wagering loss deductions to 90%, even if you broke even on paper.

We explain how this rule works using real-life examples, who’s most affected (from poker players to sports bettors), and why professional gamblers need stronger recordkeeping going forward. Plus, we explore the pros and cons of this change, and how it could impact hospitality businesses that rely on gambling traffic.

If you bet regularly, work in gaming or hospitality, or just want to stay ahead of tax law shifts, this episode is for you.

🎧 Listen now to learn:

  • What Section 70114 of H.R. 1 actually changes

  • How gambling losses were deducted before (and what’s different now)

  • Why even break-even players could owe taxes

  • Who this new rule hits hardest

  • The potential economic impact on tourism and hospitality

  • How to prepare ahead of tax time if you gamble professionally

Felicia Tanzi
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Episode 31: Big Beautiful Bill - Real World Examples