New effort to restore gambling loss tax deduction busts in House

New effort to restore gambling loss tax deduction busts in House

The committee declined to advance an amendment to a larger spending bill that would restore a gambler’s ability to deduct 100 percent of losses on annual tax filings.

Gambling Loss Deduction Rollback Blocked as House Advances Funding Bill

Efforts to reverse a controversial change to federal gambling tax policy stalled again this week, highlighting how massive spending bills can quietly rewrite tax rules with real consequences for taxpayers. The U.S. House approved H.R. 7148, the Consolidated Appropriations Act, without including a proposed amendment that would have restored the full deductibility of gambling losses. The amendment sought to undo a provision inserted into last year…