Fair Accounting for Income Realized from Betting Earnings Taxation Act
Reported from committee: it can still change before the session ends.
- Stage
- Reported from committee
- Started in
- House
- Sponsors
- 26
- Latest action
- Feb 12, 2026
What it does
The bill would amend the Internal Revenue Code to allow taxpayers to deduct 100 percent of their wagering losses, up from the current limit of 90 percent, when calculating taxable income from gambling winnings. This change would affect individuals who report gambling income and losses on their federal tax returns, potentially reducing their tax liability by allowing a full deduction of losses against winnings. The amendment specifically targets Section 165(d) of the tax code, which governs the treatment of wagering losses for tax purposes.
No official summary is available here. This one was written by AI from the bill’s text.
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
Where it goes next
While a bill can still move, the questions are about people and money.