Income tax changes for 2026

[olds442jetaway]

There are many changes for 2026 one will need to go over with their tax advisors or read up on yourselves before year end. We have already discussed the gambling loss limitation one earlier in the year that hasn’t been removed yet. The one below really galls me and IMO there is just no reason for it. See screen shot below. To me, that is just really mean.

[Tedlark]

So basically, if your AGI was $200,000.00, and if you listed $2,000.00 in itemized charitable contributions, you can only get credit for $1,000.00 in charitable deductions.

Give until it hurts.

[olds442jetaway]

Yep, that’s what I do anyway Ted, but I know this rule will still hurt the charities, especially because some people give just to get a tax break and not really care about why or who etc they are giving to.

[olds442jetaway]

At risk of boring everyone to death, I will tell a funny, yet heartwarming story. About 35 years ago our dentist at the time who also ended up being a family friend ran a charity for disabled kids ( his son was as well ) Not Downs, but similar. Whatever funds were raised were used for field and rec activities for the kids. He had a big yard and one day after my cleaning at his office said, hey Olds, how would you like to come to our next picnic and help cook burgers and dogs for our group on the grill. It was summer, I was free and of course I said yes. About a 45 minute drive to his house in a beautiful area only 20 minutes from NYC. When I get there, I find 3 big gas grills all set up, a roll out stage, and a great band setting up. Also about 100 kids all disabled in various ways. My friend says to the kids Yay our cook is here. They all come running surrounding me hi fives hugs etc. So I get to work apron and all and the first boy is Will who I already knew a little from other events. So I say….hey Will, how many dogs would you like? ( Will towered over me ) He said 12 please! I said ok will how about we start with 2 and if you are still hungry just come back ok? Big smile and nod from Will. Worked my but off but had a great time and the kids even dragged me up to the dance floor when beach boy songs were being played. Probably one of the most rewarding days in my life that I can remember. Many similar stories one of which involved Bizarro ( real coins back then ) providing transportation and free playing on the glitz machines with nickels with the kids. I’m sure they hoped the parents would play for real too, but it was still very nice of them. They were also treated to lunch etc while there. Ok enough for tonight. Stay safe and well all. Prayers out to the families, students, and friends of the Brown University students shot in RI today……

[Tedlark]

I read an article earlier today that had a list of states with legalized casino gambling and the list showed the threshold for generating a W2-G. Many of the states on the list are still generating W2-G's at the $1,200.00 mark regardless of the new Federal threshold of $2,000.00.

[OTABILL]

I read an article earlier today that had a list of states with legalized casino gambling and the list showed the threshold for generating a W2-G. Many of the states on the list are still generating W2-G's at the $1,200.00 mark regardless of the new Federal threshold of $2,000.00.

My understanding is that AZ casinos will abide by the Federal threshold. Ted, can you tell us what article you read?

[Tedlark]

I read an article earlier today that had a list of states with legalized casino gambling and the list showed the threshold for generating a W2-G. Many of the states on the list are still generating W2-G's at the $1,200.00 mark regardless of the new Federal threshold of $2,000.00.

My understanding is that AZ casinos will abide by the Federal threshold. Ted, can you tell us what article you read?

I'm going to search for it Bill.

[olds442jetaway]

Thanks. I haven’t heard yet what Mohegan Sun is going to do. I suspect our Governor will be screaming at them to leave it at 1200.

[tech58]

Soaring Eagle in Michigan has apparently gone to $2000. At least my two $1250 hits this week just generated really nice tickets.