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May 2019 » TCJA Clarifies Wagering Loss Deduction...
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Eric Zilber, CPA, John W. McKinley, JD, LLM, CPA, CGMA, and Matthew Geiszler, PhD
The Tax Cuts and Jobs Act of 2017 (TCJA) will have broad-ranging effects on all kinds of individuals. Taxpayers with a personal connection to gambling (i.e., recreational gamblers) or one in the form of a trade or business (i.e., professional gamblers) will find that the revisions to Internal Revenue Code (IRC) section 165(d) may have far-reaching consequences in the years before the provisions sunset at the end of 2025. This aspect of the TCJA has received little attention compared to other changes in the act, but given its complex legislative, judicial, and procedural history, it is worth understanding how, if at all, it may affect certain individuals.
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