Nevada rep seeks to restore full gaming loss deduction

(PRESS RELEASE) -- Congresswoman Dina Titus (NV-01), co-chair of the Congressional Gaming Caucus, today introduced the Fair Accounting for Income Realized from Betting Earnings Taxation (FAIR BET) Act that would restore the 100% deduction for gambling losses.

“The recently passed budget bill included a provision inserted by Senate Republicans without consent of the House that imposed a tax increase on Americans who gamble by reducing from 100 percent to 90 percent the amount of losses they can deduct from gambling winnings for their income taxes,” Congresswoman Titus said. “My FAIR BET Act would rightfully restore the full deduction for losses so gamblers don’t pay taxes on money they haven’t won.

“This common-sense legislation will bring fairness back to gaming taxation, making sure that gamblers can fully deduct losses when they report their winnings. It gives everyone –from recreational gamblers to high-stakes gamblers -- a fair shake. We should be encouraging players to properly report their winnings and wager using legal operators. The Senate change will only push people to not report their winnings and to use unregulated platforms.”