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Andy Barr introduces WAGER Act to restore full gambling-loss deduction

Regulation

US Representative Andy Barr introduced the WAGER Act, HR 4630, on 23 July to repeal the 90% cap on gambling-loss deductions enacted in the One Big Beautiful Bill Act. The proposal would restore deductions of up to 100% of winnings and has been referred to the House Ways and Means Committee, reportedly alongside another House bill on the issue.

If enacted, the proposal would restore deductions of up to 100% of winnings and change US gambling-loss tax treatment.

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Regulation

Nevada lawmakers renew push for full federal gambling loss deduction

Reportedly, Nevada lawmakers have renewed efforts to restore the full federal deduction for gambling losses. Representative Steven Horsford called for action over a congressional change that could create tax liabilities for gamblers who break even.

Nevada legislators are making another attempt to bring back the complete federal write-off for gambling losses. That goal has yet to be achieved, even though more than twelve months have passed since Congress made a change that can force some bettors to owe tax despite finishing even. At the Global Gaming Expo in Las Vegas, Democratic Representative Steven Horsford again urged action, backing a bill that would let taxpayers write off all gambling losses against winnings, capped at the amount won.

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