U.S. House panel considers restoring full gambling loss tax deduction
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The U.S. House Ways and Means Committee will consider legislation on Wednesday, that would restore a 100% federal tax deduction for gambling losses against gambling winnings. The proposal would eliminate the current 90% limitation on deductions for wagering losses and apply to taxable years beginni…
The U.S. House Ways and Means Committee will consider legislation on Wednesday, that would restore a 100% federal tax deduction for gambling losses against gambling winnings. The proposal would eliminate the current 90% limitation on deductions for wagering losses and apply to taxable years beginning after Dec. 31, 2025, providing retroactive relief for 2026. The gambling provision has been added...