Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act

Key Points

• Congress would restore a rule that gambling losses can only be deducted up to the amount of gambling winnings.
• The bill says “gambling losses” includes other costs tied to betting, so you can’t use extra expenses to create a bigger tax write-off.
• This mainly affects people who gamble frequently, including professional gamblers who track costs connected to wagering.
• If you usually lose more than you win, this could raise your taxes because those extra losses wouldn’t reduce your taxable income.
• The change would start for tax years beginning after December 31, 2025 (basically, the 2026 tax year).