The FULL HOUSE Act would amend federal tax law to reinstate restrictions on gambling losses. Under the bill, taxpayers would only be allowed to deduct gambling losses to the extent they have gambling gains—meaning they cannot use net gambling losses to offset other income or reduce their overall tax liability. The change applies to all types of wagering transactions and related expenses incurred in gambling activities. The legislation would take effect for tax years beginning after December 31, 2025, affecting anyone who gambles and files federal taxes. This represents a change to current tax rules and would limit a deduction that some taxpayers currently use to reduce their taxable income.
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