S.Amdt. 4248

SA 4248, submitted by Ms. Cortez Masto and Mr. Cruz, is an amendment to bill H.R. 7148.

The purpose of this amendment is the reinstatement of rules for wagering losses. It aims to change the Internal Revenue Code of 1986, specifically Section 165(d), to state that:

• Losses from wagering transactions are only allowed to the extent of the gains from those transactions.
• The term losses from wagering transactions includes any deduction otherwise allowable under that chapter that was incurred while carrying on a wagering transaction.

These changes would apply to taxable years beginning after December 31, 2025.