Wagering Losses Tax Rules Bill
Official: Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act
IntroducedJanuary 8, 2026
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.
Affects: People who gamble and report their winnings and losses on their taxes.
What changes is this bill making?
1. This bill reinstates rules for deducting wagering losses on tax returns. 2. Wagering losses can only be deducted up to the amount of winnings. 3. The changes will apply to tax years starting after December 31, 2025. 4. The bill aims to clarify how losses from gambling are treated for tax purposes.
Who is affected?
People who gamble and report their winnings and losses on their taxes.