NTRA urges restoration of full US gambling loss deduction
By SectorWire desk ·
Summary
The report said that NTRA asked the US Treasury and IRS to support legislation restoring the 100% gambling loss deduction. The racing association argues that the current 90% cap can create tax liabilities even when bettors break even.
Why it matters
Restoring the full deduction would remove the disputed tax treatment of offsetting gambling losses.