The provision tucked into the “Big Beautiful Bill” limits tax deductions for gambling losses, while still requiring professional bettors to pay income tax on all their winnings, according to published reports. Professional gamblers, like the poker players you see on TV, had been allowed to deduct all of their losses from their declared income.

The Big Beautiful Bill represents one of the most comprehensive overhauls of tax legislation in recent history. Its impacts will unfold over time, but what remains clear is that effective estate planning has never been more important.