S. 2230
119th CONGRESS 1st Session
To amend the Internal Revenue Code of 1986 to reinstate the rules for wagering losses.
IN THE SENATE OF THE UNITED STATES · July 9, 2025 · Sponsor: Ms. Cortez Masto · Committee: Committee on Finance
Table of contents
SEC. 1. Short title
- This Act may be cited as the Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act.
SEC. 2. Reinstatement of rules for wagering losses
- (a) In general
- of the Internal Revenue Code of 1986 is amended to read as follows: Section 165(d)
- In general
- (d) Wagering losses
- 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 includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.
losses from wagering transactions
- 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 includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.
- (d) Wagering losses
- (b) Effective date
- The amendments made by this section shall apply to taxable years beginning after December 31, 2025.