Gamblers would only be able to deduct losses up to their winnings on tax returns.
This bill would change tax rules to limit how much people can deduct for gambling losses. Gamblers would only be able to deduct losses up to the amount they win, and this limit would include all related costs. These changes would start for tax years beginning after December 31, 2025.
If this bill passes, people and businesses who gamble would only be able to deduct their total gambling losses up to the amount of money they won from gambling. This limit would include all related costs. These changes would take effect for tax years starting after December 31, 2025.
HR 6985 · 119th Congress · January 8, 2026 · AI Summary by gemini-2.5-flash · 8/10
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16 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.