FINANCE
Tax Rules Shake-Up: Gambling Losses and Your Money
USAFri Jul 11 2025
Bill Overview
- Name: FULL HOUSE Act
- Objective: To modify how gambling losses are treated in taxes.
Current Rules vs. Proposed Changes
- Current Rule: Gambling losses can only be deducted up to the amount of gambling winnings.
- Proposed Rule: Maintains the current rule, effectively reviving older tax regulations.
Key Details
- Introduced by: Senator Cortez Masto
- Supported by: Senators Rosen and Cruz
- Committee Review: Sent to the Finance Committee on July 9, 2025
- Effective Date: If passed, changes would apply to taxes from 2026 onward.
Broader Context
- Part of a larger discussion on financial regulations in the service economy.
- Aimed at ensuring fairness in tax policies.
Potential Impact
- The bill's significance will depend on the number of gamblers and their winnings/losses.
- Not an immediate change, as it affects future tax years.
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questions
Is the FULL HOUSE Act a secret plot to control the gambling industry by making it more difficult for small-scale gamblers to deduct their losses?
Is the reinstatement of wagering loss rules a way to track and monitor individuals' gambling habits?
If wagering losses are allowed, will the IRS start offering betting tips to maximize deductions?
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