The Tax Cuts and Jobs Act barred a business deduction for losses from wagering transactions through 2025. The IRS said that this only applies to individuals in the trade or business of gambling, but not to businesses, such as casinos. Individuals who are not gambling professionals can deduct their losses to the extent of their winnings as “other itemized deductions” if they don’t use the standard deduction and have a record of winnings and losses.
Important: The deadline for applying for a PPP loan runs through May 31, 2021.
