US House passes bill retaining 90% gambling-loss deduction cap
The US House passed the Senate version of the Big Beautiful Bill Act without amendments, retaining a provision that limits deductions for gambling losses to 90% of losses incurred. The article says the change is due to take effect at the beginning of 2026 if President Trump signs the bill. Representative Dina Titus said she plans to introduce legislation to repeal the provision.
The proposed cap could leave gamblers liable for tax even when their losses equal or exceed their winnings.