Extension and Modification of Limitation on Wagering Losses: Increase in Threshold for Requiring Information Reporting with Respect to Certain Payees

Joshua Hamlet of Clarity Tax Counsel PLLC opposes the proposed regulation because it fails to explicitly address how the 90% wagering loss cap applies to professional gamblers' business expenses under §162. He argues that the regulation's silence creates an interpretive gap that results in "phantom income" for professionals and calls for an amendment to clarify the statutory treatment and a re-examination of the economic impact certification.

Joshua Thatcher, a professional poker player and YouTube content creator, submitted an outline of points he intends to discuss during a telephonic hearing. He plans to address the realities of professional poker, existing tax laws, and the implications of the proposed new law on the gambling industry.

James Cloutier, a long-time gambler and former poker dealer, opposes the proposed action because he believes it will drive gamblers toward unregulated markets, decrease tourism and tax revenue, and ultimately fail to meet its stated revenue goals. He also notes that gambling income is unique in that losses cannot be fully deducted against gains.

Joshua Hamlet of Clarity Tax Counsel PLLC opposes the proposed regulation because it fails to explicitly address how the 90% wagering loss cap applies to professional gamblers' business expenses under §162. He argues that the regulation's silence creates an interpretive gap that results in "phantom income" for professionals and calls for a re-examination of the "minimal impact" certification.

Joshua Thatcher, a professional poker player, intends to provide a discussion on the realities of professional poker and tax laws. The comment serves as an outline for a future discussion rather than a specific position on the proposed action.