The FAIR Bet Act lets you deduct 100% of gambling losses against your winnings, up from the current 90% cap. If you gamble and itemize your taxes, you'd keep more of what you earn.
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Fair Accounting for Income Realized from Betting Earnings Taxation Act is a House bill in committee. The latest recorded action: Motion to Discharge Committee filed by Ms. Titus. Petition No: 119-16. ( Discharge petition text with signatures.).
Latest action on H.R. 4304: Motion to Discharge Committee filed by Ms. Titus. Petition No: 119-16. ( Discharge petition text with signatures.)
Who this affects: This bill mainly affects people who gamble and report their winnings and losses on federal tax returns. It matters most for frequent gamblers who have significant wins and losses in the same tax year, since they'd benefit the most from being able to deduct all their losses instead of just 90%.
Why this matters: Even though this bill changes just one number, it addresses a frustration many gamblers face: paying taxes on money they didn't actually come out ahead on. If your wins and losses roughly cancel each other out, you could still owe federal tax under the current 90% cap. This fix closes that gap, but raises questions about lost tax revenue and whether it mostly helps people who can afford to gamble big.
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