Tax Rules Shake-Up: Gambling Losses and Your Money

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.