Another Push: Nevada Wants to Restore Full Gambling Loss Tax Deduction

Nevada lawmakers are once again striving to restore the full federal tax deduction for gambling losses. Still, the effort remains unresolved more than a year after Congress approved a change that could leave some gamblers paying taxes even when they break even. A Matter of Fairness Democratic Rep. Steven Horsford renewed his call for action during the Global Gaming Expo (G2E) in Las Vegas, promoting legislation that would allow taxpayers to deduct 100% of their gambling losses against winnings, up to the amount won.

Source: GamblingNews