Broke even gambling? You may still owe tax.
From 2026, only 90% of gambling losses count against your winnings. Add up the year from every casino, sportsbook and sweepstakes site to see what you'll really owe, federal and state.
Your 2026 tax year
Where you played
One row per casino rewards card, online casino, sportsbook or sweepstakes site. Totals for the year are enough: use the win/loss figures from each one's year-end statement.
What changed in 2026
The One Big Beautiful Bill Act changed how gambling losses are deducted for tax years starting in 2026. Before, losses could cancel out winnings dollar for dollar. Now only 90% of your losses count, and still never more than you won. Someone who won $20,000 and lost $20,000 now pays tax on $2,000 they never had.
Losses only help if you itemize. If your losses plus your other itemized deductions come to less than the standard deduction, they don't lower your tax at all, and every dollar you won is taxed. That was true before 2026 too, but it surprises a lot of people.
Casinos and sportsbooks now send a W-2G for most wins of $2,000 or more, up from $1,200 for slots and $600 for most other bets. Fewer forms doesn't mean less tax: every win is taxable, with or without a form, so your own records matter more.
How the numbers are worked out: about WagerLog. The tax rules are shared with WinningsTax, which answers the same questions for a single win.