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Reinstating Tax Rules for Limiting Wagering Losses and Related Expenses.

This bill reinstates and clarifies the rules regarding the deduction of losses from gambling transactions on tax returns. Citizens can only deduct losses from wagering, including related expenses, up to the total amount of gains realized from such transactions during the tax year. This measure aims to standardize tax treatment for individuals involved in gambling activities.
Key points
Gambling losses (wagering transactions) can only be deducted up to the amount of gambling gains realized.
This limitation explicitly includes any expenses or deductions incurred while carrying out wagering transactions.
The changes apply to tax years beginning after December 31, 2025.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_6985
Sponsor: Rep. Miller, Max L. [R-OH-7]
Process start date: 2026-01-08
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_6985.

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 2026-01-08.

What are the main provisions?

Key points include:

  • Gambling losses (wagering transactions) can only be deducted up to the amount of gambling gains realized.
  • This limitation explicitly includes any expenses or deductions incurred while carrying out wagering transactions.
  • The changes apply to tax years beginning after December 31, 2025.
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. Miller, Max L. [R-OH-7].

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 2026-01-24.

CATEGORIES

Taxes Economy