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Restoring Gambling Loss Deductions for Tax Purposes

This act restores previous rules for deducting gambling losses from taxable income. This means citizens who incur gambling losses will be able to deduct them from their winnings, potentially affecting their income tax liability. The changes will apply to tax years beginning after December 31, 2025.
Key points
Reinstatement of rules allowing deduction of gambling losses from winnings.
Potential reduction in taxable income for individuals with gambling gains and losses.
Changes will take effect starting in 2026.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_4630
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2025-07-23
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

WAGER Act of 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_4630.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-07-23.

What are the main provisions?

Key points include:

  • Reinstatement of rules allowing deduction of gambling losses from winnings.
  • Potential reduction in taxable income for individuals with gambling gains and losses.
  • Changes will take effect starting in 2026.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Barr, Andy [R-KY-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Taxes