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Referenced Laws
Section 165(d)
Section 1
1. Short title This Act may be cited as the Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act.
Section 2
2. Reinstatement of rules for wagering losses Section 165(d) of the Internal Revenue Code of 1986 is amended to read as follows: Losses from wagering transactions shall be allowed only to the extent of the gains from such transactions. For purposes of the preceding sentence, the term losses from wagering transactions includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction. The amendments made by this section shall apply to taxable years beginning after December 31, 2025. (d)Wagering lossesLosses from wagering transactions shall be allowed only to the extent of the gains from such transactions. For purposes of the preceding sentence, the term losses from wagering transactions includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction..