House Must Approve Tax Bill H.R. 10357 Regarding Gambling Deductions
2 reports, 1 independent
Updated Sun 00:00
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What happened
The House must approve tax bill H.R. 10357. The bill seeks to restore full dollar-for-dollar loss deductions for gamblers. Currently, the 2025 tax law limits loss deductions to 90% of losses, meaning a break-even gambler still faces $5,000 in potential taxable income.
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Why it matters
The current tax structure means that winnings are taxed as adjusted gross income, even if the individual breaks even on losses. If approved, H.R. 10357 would allow individuals to claim the full value of their gambling losses.
From aol.com
Who's involved
- HouseThe legislative body required to approve the tax bill.
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