New Tax Rules for Sports Betting Losses Could Be Coming in 2025

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Transcript

00:00A potential new way that you'd be filing taxes if you bet on sports coming next year.

00:06In fact, right now, you can file taxes and say that you lost on sports wagering.

00:10In fact, up to 100% of your gambling losses.

00:13But on this new bill, which is called the Big Beautiful Bill, it's introducing a significant change.

00:20And this is how gambling winnings and losses are taxed.

00:23It would limit the deduction of gambling losses, folks, to 90%.

00:27And the same with your winnings.

00:29So that means essentially that 10% of your gambling losses are not going to be issued.

00:37So 90% of your taxes can be filed if you lose money.

00:41But 10% of them, you're going to have to eat it.

00:43That's the bottom line.

00:44Same goes for winning.

00:45So that's good news for those of you who are winning so much money on sports wagering.

00:49If you are out there, essentially, you're not going to be able to use 10% of your gambling losses toward your taxes next year.

00:56That's the bottom line.

00:57Now, by the way, this has not gone through yet.

00:59So don't start freaking out.

01:00Because I know a lot of you come next year, January, February, March, you're filing your taxes.

01:04You're like, I lost X amount of money.

01:0610% of it may not be eligible if this goes through.

01:09And again, this will not affect the casual sports better, which is probably most of you who are watching the show out there.

01:14I'm not seeing this from you.

01:16I'm not seeing it.

01:17No, no, no, no, no.

01:21You're right.

01:22Oh, thank you.