I just received Information from my tax preparer indicating that if you are a recreational gambler, that uses schedule A, you can no longer deduct gambling losses for 2018.
In addition to this she told me that there is a possibility that professional gamblers using schedule C will not be able to deduct gambling losses. It seems that The new information concerning this part of the tax code will not be made available for tax preparers until Later this year.
If there is even a 25% chance that this turns out to be true, IMS it will not be worth playing machines that generate High amounts of jackpots. In any case this is information that most of us should consider..
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Posted by: Stephen R Newell <stephenrnewell@yahoo.com>
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