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Can professional gamblers add business expenses more than their winnings this year?
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June 1, 2019
12:12 PM
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Business & farm
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