Horse racing bets
Varies
Are Horse Racing Bets Tax Deductible?
Short answer: Only against winnings: losses from Horse racing bets can be deducted only if you itemize, and only up to your winnings.
Starting in 2026, only 90% of gambling losses are deductible, so you can owe tax even if you broke even. Prediction-market contracts may be taxed differently; keep the platform's annual statement.
Records to keep: Keep the receipt or invoice and an estimate of business-use percentage.
Horse racing bets
Varies
Individuals / Personal Taxes
Only against winnings: losses from Horse racing bets can be deducted only if you itemize, and only up to your winnings.
Business justification
Only against winnings: losses from Horse racing bets can be deducted only if you itemize, and only up to your winnings. Starting in 2026, only 90% of gambling losses are deductible, so you can owe tax even if you broke even. Prediction-market contracts may be taxed differently; keep the platform's annual statement.
Category
- Products & Brands