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Kiplinger
Kiplinger
Business
Kelley R. Taylor

New Cap on Gambling Loss Deductions Begins Soon: What to Know Now

Donald Trump IRS Dina Titus United States
A pair of dice are in midair with a backdrop of chips on a craps table.

The ink is barely dry on President Donald Trump’s sweeping new tax law. But a debate is already underway over a gambling provision that could reshape how millions of U.S. gamblers are taxed on their bets.

That’s because the so-called One Big Beautiful Bill (OBBB), signed into law on July 4, 2025, introduces a cap on deductions for gambling lossses.

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