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Tax Changes: Wagering Loss Deductions Reinstated

This legal act reinstates previous rules for deducting losses from wagering transactions. This means that if you win money from gambling, you can only deduct losses from those same activities up to the amount of your winnings. These changes will take effect from 2026 and may impact the tax filings of individuals involved in gambling.
Key points
You can only deduct gambling losses up to the amount you won from gambling.
This rule also applies to expenses incurred while gambling.
The new rules will be effective for tax years beginning after December 31, 2025.
article Official text account_balance Process page
Introduced
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Additional Information
Print number: 119_S_2230
Sponsor: Sen. Cortez Masto, Catherine [D-NV]
Process start date: 2025-07-09
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
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_S_2230.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-07-09.

What are the main provisions?

Key points include:

  • You can only deduct gambling losses up to the amount you won from gambling.
  • This rule also applies to expenses incurred while gambling.
  • The new rules will be effective for 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 Sen. Cortez Masto, Catherine [D-NV].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

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

CATEGORIES

Taxes