KondlerCPA

@CoyneHop @DfsSchoder Chris, shoot me an email at gkondler@kondlercpa.com and I have you covered on all of this

@DfsSchoder Thanks! I’ve seen Gary’s name pop up a few times

Anyone have a good CPA rec with a gambling speciality?

Many thanks to @dinatitus for meeting with us today in regards to the BBB. We believe we had a very productive meeting

@fairplaygov Appreciated, always available to help the gaming community

Also, credit to @PokerCPAs who has gone on numerous podcasts like the one below & discussed some of these same tax strategies

A Texas Tech law professor lays out in great detail possible tax strategies for those gambling in 2026 despite the OBBB. A snippet:

@DerekJStevens @VSiNLive @CircaSports @CircaLasVegas @Kalshi @DKSportsbook @Polymarket @AmericanGaming @IRSnews @KPMG @USTreasury Derek, we met at betbash over the summer as we did the tax seminar for gamblers. We can definitely assist you with navigating this type of taxation on the prediction markets. If you would like to discuss more we would very much like that opportunity.

In Prediction Markets (which we are being told isn’t Sports Gambling but are sports contracts) you are required to pay income tax on all Unrealized Gains every December 31 due to Mark To Market accounting of Section 1256 for contracts? Is that correct ??

@CaliforniaPoke1 Taxpayer also needs to factor in losing the standard deduction, thus the extra increase in tax owed.

@PokerCPAs Seems Iike your math is wrong, $10,000 extra income at 35% is $3,500.

If a single taxpayer earns 250K on w2 and withheld proper fed tax (meaning they wouldn’t owe or get a refund at year end) triggers 100k of w2gs and broke even for the year, under the new tax bill they would owe an additional $7900 in fed tax, even though no new income was made

@Dmenace1one The figures would be the exact same as IN does not allow gamblers to add losses in when filing as an amateur

@PokerCPAs WTF is up w/ Ohio? Do IN next 😜😂

@DfsSchoder We just changed “90%”of our betbash presentation @bet_bash @spanky

@PokerCPAs I think your seminar at BetBash just got a lot more popular in the last 48 hours 😂

BBB<Main Event

Under the new tax proposal for gamblers (limiting losses to 90%) if a retired individual files as an amateur, with 0 outside income, and they trigger 500k of w2gs and break even for the year they will owe $5,700 in federal tax

@Lelepokerr @BobMatherPoker @Dmenace1one @PhilGalfond @Choppodong1 @ThePokerYoda 100%. This will also have an impact on tax payers who receive health insurance through the IRS. Will now have to pay back premiums if not careful

@BobMatherPoker @PokerCPAs @Dmenace1one @PhilGalfond @Choppodong1 @ThePokerYoda It would catapult us into the higher bracket I assume. 😔

If the new legislation is passed where 90% of gambling losses are limited,a professional gambler with $120,000 of gambling income (200k wins and 80k losses and no other outside income) will be looking to pay roughly $2,450 more on their federal tax return (2024 tax rates applied)

@Lelepokerr @Choppodong1 @Dmenace1one @PhilGalfond @BobMatherPoker @ThePokerYoda The issue with session method of accounting comes down trying to tie your tax return to the w2g amount. An incorrect w2g total on your tax returnwill trigger a CP2000 stating you missed income. This can be corrected with proper disclosure statements but is sometimes a headache

@Choppodong1 @Dmenace1one @PokerCPAs @PhilGalfond @BobMatherPoker @ThePokerYoda Yeah my tax rep said there are so many unknowns. Including for rec players what an actual session is. Cause rec players can write off each session but we don’t know if a session is 24 hours or an entire year. Too many “what ifs” so I’m just gonna wait and see how it plays out

@Choppodong1 @Lelepokerr @Dmenace1one @PhilGalfond @BobMatherPoker @ThePokerYoda We are actively monitoring and speaking with our legal counsel to see how the expenses will be applied and under what section in regards to Professional players and will provide an update when we are 100% certain

@Lelepokerr @Dmenace1one @PokerCPAs @PhilGalfond @BobMatherPoker @ThePokerYoda If I see the exclusion for declared professionals again, I’ll make sure you see it. I can only imagine you’re really anxious. In your case, I can see it…and called my rep for people like you more than myself.

@Dmenace1one In this scenario the original gambling loss would have been 80,000 but would now be reduced to 72,000 which results In the extra federal tax and then creates more self employment tax as well

If the new legislation is passed where 90% of gambling losses are limited, an amateur gambler with $120,000 of gambling income (200k wins and 80k losses and no other outside income) will be looking to pay roughly $2,000 more on their federal tax return (2024 tax rates applied)

@JWellsTax We’re here to assist if needed!

I hate W-2Gs. That's it. That's the tweet.

@ClubWPTGold We’re here to help! If assistance is needed please feel free to reach out for a consultation

We cannot give tax or legal advice to any player on our platform. Each person's individual tax and legal status is different. Our sweepstakes operation adheres to applicable law in each state we operate in. Please consult a tax professional with any tax questions about playing on our platform.

Starting tomorrow we will have our tax booth down at @shrpo. Please stop by if you have any questions or need to drop off any tax documents.