Why You'll Owe TAXES Even If You LOSE Money In 2026

Are you still counting on "washing" your gambling wins with your losses? Think again. As of January 1, 2026, the One Big Beautiful Bill Act (OBBBA) has officially changed the game. In this video, we break down why the IRS is now taxing "Phantom Income"—money you never actually made. Under the new Section 165(d) rules, you can now only deduct 90% of your gambling losses, even if you ended the year in the red. We’ll walk through the math of how a break-even $50,000 year now results in a $5,000 taxable event, and why this is an "existential threat" to professional poker players and sports bettors. In this video, you’ll learn: - The math behind the 10% "Haircut" on deductions. - Why the Standard Deduction vs. Itemizing is more important than ever in 2026. - The latest status of the FAIR BET Act and efforts to repeal this provision. - Critical record-keeping tips to survive a 2026 IRS audit. Don't let the IRS take a "vig" on your losses. Watch until the end to see how "Session Accounting" might be your only way out. Disclaimer: I am not a CPA. Tax laws are changing rapidly in 2026. Always consult with a tax professional before filing. Have questions about this video? Sign up for a free consultation to get your questions answered by the professionals. https://aba.link/745e46 🔔 Stay ahead of the curve. Subscribe for cutting-edge insights on real estate investing, business strategies, and more! --------------------------------------------------------------------------------------------------------- SUBSCRIBE https://www.youtube.com/c/RealEstateAssetProtection?sub_confirmation=1 ~~~~ FREE TAX & ASSET PROTECTION WORKSHOP Register for an upcoming workshop today if you want to protect your business and personal assets from snoopy lawyers, creditors, or even greedy people out to make a quick buck who want to take advantage of YOU. 👉 Save Your Seat: https://aba.link/2beb4e ~~~~ FINANCIAL PLANNING & RESOURCES 📚 Order Your Copy of "Next Level Real Estate Asset Protection: Comprehensive Strategies for Investors" Here: 👉 https://aba.link/nxtlvl Download your free copy of Un-Tax Yourself eBook and discover the secret to real estate wealth is in the tax deductions. https://aba.link/8ex For financial strategies, podcasts, articles, and details on upcoming workshops, visit https://aba.link/clintaba Here’s a little about me and my book Asset Protection for Real Estate Investors https://aba.link/clintbio ~~~~ FOLLOW US: Instagram: https://aba.link/instagram Facebook: https://aba.link/facebook Twitter: https://aba.link/twitter LinkedIn: https://aba.link/linkedin ~~~~ CONTACT US Phone: 800.706.4741 Email: info@andersonadvisors.com Fax: 702.664.0545 ABOUT CLINT COONS Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth. --------------------------------------------------------------------------------------------------------- The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. #OBBBA #GamblingTaxes #IRS2026 #TaxStrategy #SportsBetting #FinanceNews