@richieruhruh: 🚨 Tax Accountant PSA for the gworls If you’re placing bets on reality TV (i.e. Love Island), or using online gambling apps … here are some tax facts you should be aware of: 🎰 If you win, the IRS wins. Every dollar of gambling winnings is taxable. It doesn’t matter if you got a W-2G tax form or not. 🎰 Gambling losses are generally only deductible if you itemize deductions on Schedule A. If you take the standard deduction, you don’t get to deduct those losses. 🎰 Starting in the 2026 tax year, the rules changed (for the worse) Even if your gambling losses equal your winnings, you may not be able to deduct all of those losses and can be taxed on “phantom” income. Under the new law, you can deduct only 90% of your gambling losses. For example: * Gambling winnings: $10,000 * Gambling losses: $10,000 * Deductible losses: $9,000 (90% of $10,000) Taxable gambling income: $1,000, even though you broke even financially. 🎰 If you want to claim gambling losses, you need to keep detailed records of your gambling activity, including dates, locations, amounts won and lost, and supporting documentation such as tickets, receipts, bank statements, or a gambling diary. “Trust me, I lost it all” isn’t acceptable documentation. 🎰 If you hit it big, call a tax professional before you call everyone else. Tax planning is a lot more fun in July than discovering your tax bill in April. 🎰 If an app keeps telling you you’re “one spin away,” from a huge amount of money, remember … so is your tax bill. Don’t let a lucky night become an expensive tax bill, gamble “responsibly” 😉 That being said, @Kalshi I’m open for business if you’re looking for someone to market to the girlies. #kalshi #LoveIsland #PersonalFinance #taxes #personalfinancetips

Richie Ruh

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Region: US

Friday 03 July 2026 19:14:59 GMT