By SectorWire desk ·
US Representative Dina Titus is urging the House tax committee to take up her FAIR BET legislation. The proposal would raise the federal deduction for gambling losses from 90% to 100%, but neither it nor a similar Senate bill has reached a floor vote.
Restoring the deduction would allow gamblers to offset all gambling losses against winnings when calculating federal tax.
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The deduction limit could leave gamblers with tax liabilities despite losses offsetting their winnings.
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Authorities expect further indictments after seizing gambling machines and cash, leaving the alleged illegal gambling investigation open.
The advice directs gamblers towards state-licensed platforms amid competing federal and state regulatory frameworks.