Referred to the House Committee on Ways and Means.
Taxation
Why This Matters
This bill changes the tax rules for gambling losses, allowing people to deduct losses only if they have corresponding winnings. It helps clarify tax treatment for those involved in wagering activities.
If you gamble, you can only deduct your losses up to the amount you won.
Who this affects
People who gamble
What changes is this bill making?
1This bill reinstates rules for deducting wagering losses on tax returns.
2Wagering losses can only be deducted up to the amount of winnings.
3The changes will apply to tax years starting after December 31, 2025.
4The bill aims to clarify how losses from gambling are treated for tax purposes.
