Fair Accounting for Income Realized from Betting Earnings Taxation Act

This bill changes the tax rule on gambling losses. It raises the allowed percentage of wagering losses that can be used for tax purposes from 90% to 100%. In simple terms, it aims to let people count all of their qualifying gambling losses (instead of only 90%) when figuring out their taxes on gambling income.

Key points:

• Who is affected: People who report gambling winnings and losses on their taxes.
• What changes: The limit moves from 90% to 100% for wagering losses used in tax calculations.
• When: The text does not specify an effective date.