Preliminary reports seem to say gambling losses as itemized deductions would be gone in the new tax plan. This probably wouldn't effect Schedule c professional gamblers (in my opinion), but could hurt folks who say won $5000 in w2gs but lost $7000 gambling.
No way to know for sure until we see the final tax law and schedules. Also perhaps the IRS will be using the daily wins/losses more fairly.....?
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Posted by: Misscraps <misscraps@aol.com>
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