US lawmakers seek to restore full gambling loss deductions
Representative Dina Titus renewed efforts in Congress to reverse the US cap on deductible gambling losses during debate over HR 7148, according to the report. Her FAIR BET Act amendment would restore full deductions; separate legislation from Representatives Steven Horsford and Max Miller also seeks that change. The proposed amendment could still be removed during negotiations.
The proposals could alter how US gambling winnings and losses are treated for tax purposes.