Gambling Deductions Tax Reform
- Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or simply tax reform. In addition to nearly doubling standard deductions, TCJA changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions.
- With the tax code changes, will casual gamblers that do not itemize deductions be able to offset winnings with gambling losses? Hope so, or I will have to avoid W-2Gs at all cost. Given the recent passage of the tax reform bill, could you please provide some insight on how this will impact the recreational gambler?
Gambling Deductions Tax Reform Withheld
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Updated: June 2020.
General
Taxmaster of LI, Inc. strives to ensure that its services are accessible to people with disabilities. Taxmaster of LI, Inc. has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Accessibility on taxmasterofli.com
taxmasterofli.com makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows taxmasterofli.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
Enabling the Accessibility Menu
The taxmasterofli.com accessibility menu can be enabled either by hitting the tab key when the page first loads or by clicking the accessibility menu icon that appears on the corner of the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
Disclaimer
Taxmaster of LI, Inc. continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
In an ongoing effort to continually improve and remediate accessibility issues, we also regularly scan taxmasterofli.com with UserWay's Accessibility Scanner to identify and fix every possible accessibility barrier on our site. Despite our efforts to make all pages and content on taxmasterofli.com fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
Here For You
If you are experiencing difficulty with any content on taxmasterofli.com or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
Contact Us
If you wish to report an accessibility issue, have any questions or need assistance, please contact Taxmaster of LI, Inc. Customer Support as follows:
Email: steven@taxmasterofli.com
Phone: (718) 646-4749
Gambling Deductions Tax Reform 2019
For instance, you can continue to deduct gambling losses, up to the amount of winnings, on 2017 returns and beyond. The TCJA did, however, modify the gambling loss deduction, beginning in 2018.