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Cortez Masto plans bill to reverse 90% gambling-loss deduction limit

Regulation

Nevada Senator Catherine Cortez Masto planned to introduce the FULL HOUSE Act to reverse a tax provision limiting gamblers’ deductible losses to 90% of winnings, according to the report. The proposal follows the FAIR Bet Act in the House; the article says both measures would restore full loss deductions, but the outcome remained uncertain.

The proposed change could affect gamblers’ taxable winnings and the gaming sector’s response to the tax rule.

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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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