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jennifer4
New Member

Can professional gamblers add business expenses more than their winnings this year?

 
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‎June 1, 2019 12:12 PM
last updated ‎June 01, 2019 12:12 PM
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JohnW15
Intuit Alumni

Can professional gamblers add business expenses more than their winnings this year?

No.  Under the Tax Cuts and Jobs Act of 2017 (TCJA), the amount of expenses that can be claimed by professional gamblers is capped at the amount of winnings.

For additional information, please see the Journal of Accountancy's article Tax reform law deals pro gamblers a losing hand. 


‎June 1, 2019 12:12 PM
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