More significantly, for mid-rollers like myself (I do $4,000 - $5,000 a day coin on slots over about 28 days a year in Vegas some years I have no handpays and some years I have a few) - while it is true that winnings can still be offset with losses if you itemize, because of the increase in the standard deduction as well as the elimination of the personal exemption(s) and capping of property/state tax deduction at $10,000, the threshold for itemizing has basically been doubled. The new way, their deduction is capped at the amount of winnings.
Professional gamblers used to be able to deduct expenses as well as offset winnings with losses. I'd like to add a little color to this article by pointing out a few changes that will go into effect for the 2018 tax year as a result of the new tax bill.
