Sec. 70114. Extension and modification of limitation on wagering losses
106 words·~1 min read·
/bill/119/hr/1/eas/section-70114A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 165 is amended by striking subsection
(d)and inserting the following: For purposes of losses from wagering transactions, the amount allowed as a deduction for any taxable year— shall be equal to 90 percent of the amount of such losses during such taxable year, and shall be allowed only to the extent of the gains from such transactions during such taxable year. For purposes of paragraph (1), 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, 2025.