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This bill amends the Internal Revenue Code of 1986 to restore the rules for deducting wagering losses. Sec. 2, Limitation on wagering losses: The bill removes the current limitation that only allows wagering losses to the extent of wagering gains, so that wagering losses for any taxable year shall be allowed without that restriction. The change applies to taxable years beginning after December 31, 2025.
Summary of the bill text as introduced in House (Jul 23, 2025), generated by SecBot from the official bill text; the Library of Congress summary is not yet published.
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Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.