How to Avoid Gambling Taxes: The "Session Method" & Diary Defense Explained

Описание: If you enjoy the casino, a new 2026 law could tax you on money you lost. The new rule limits loss deductions to 90% of winnings, creating "Phantom Income" that increases your Medicare premiums (IRMAA) and taxes your Social Security.

As The Finance Observer, I’ve performed a forensic review of the IRS "Session Method." In this video, we dissect why Casino Win/Loss Statements are useless in an audit, the specific "Midnight Rule" for ending a session, and how to keep a "Contemporaneous Diary" that stands up in tax court.

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FORENSIC BREAKDOWN:

0:00 The 2026 Trap: "Phantom Income" Explained (90% Rule)

1:40 Why Win/Loss Statements & ATM Receipts fail in court

2:50 The Solution: The "Session Method" (Netting Wins vs. Losses)

3:45 The 3 Rules: Same Game, Continuous Play, The Midnight Rule

4:20 The "Diary Defense": What "Contemporaneous" actually means

5:15 The Slot Machine Number: The tiny detail that voids your log

6:00 Final Case Study: $1,500 Jackpot vs. $500 Net Loss

DISCLAIMER: I am The Finance Observer. This content is for educational purposes only. Gambling tax laws are complex; always consult a qualified tax professional.