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Code · BILL · 115th Congress · H.R. 1 (UNKNOWN) — 115 HR 1 EAS2: Tax Cuts and Jobs Act · Sec. 11050

Sec. 11050. Limitation on wagering losses

71 words·~1 min read·/bill/115/hr/1/unknown/section-11050

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Section 165(d) is amended by adding at the end the following: For purposes of the preceding sentence, in the case of taxable years beginning after December 31, 2017, and before January 1, 2026, the term . losses from wagering transactions includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction. The amendment made by this section shall apply to taxable years beginning after December 31, 2017.
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