I'm surprised this hasn't come up here yet. I talked to my son-in-law over the weekend, and he said that people who get bumps to their gross income (such as with W2G's) are going to start noticing big hits to their taxable income because of new regulations being implemented. Not sure of all the reasons, but he said the amount of wins that can be deducted as losses no longer is up to the amount of the wins.

I think it goes something like this: you claim $75,000 in wins; it's been that you are allowed to deduct up to $75,000 in losses on schedule A (and who wouldn't, even if you lost zero); the change means you may only be able to deduct up to say, $30,000, thereby adding a cool $45,000 to your taxable income.

Since playing higher limits in 1999 I filed as a pro thru 2009, which really allows a high-value W2G earner to make out like a bandit on taxes if you squeeze every drop out of the loopholes. But the past few years I filed as a regular Joe, and my W2G earnings were far less than what they used to be anyway.

Anyone concerned about this?