Senate bill proposes limiting US gambling-loss deductions to 90%
The Senate’s version of the One Big Beautiful Bill Act proposes limiting gambling-loss deductions to 90% of annual losses, unlike the House version passed in May. The article says the change could leave gamblers with taxable income even when their annual losses match or exceed their winnings; the proposal would need to be enacted to take effect.
A lower deduction cap could change the tax treatment of customers’ gambling losses and affect regulated operators.