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Harness Racing / Re: GREAT NEWS!
« Last post by MTP1972 on Today at 12:24:14 PM »The U.S. Trotting Association announced Monday (Dec.that it has formally signed on to endorse the WAGER Act (H.R. 4630), federal legislation introduced by Rep. Andy Barr (R-KY) that would restore the full, 100% deductibility of gambling losses.
“The WAGER Act delivers meaningful tax fairness for horseplayers and strengthens the wagering environment that our sport depends on,” said Tanner. “By restoring the full deduction for wagering losses, this legislation supports everyday bettors, protects handle, and helps ensure that pari-mutuel wagering remains competitive in a rapidly evolving gambling market.”
Two things, they increased it from 90% to 100% but only if you itemize deductions. If you don't or can't itemize deductions because you don't have enough it's meaningless. Of course in your world that's GREAT NEWS! Even when you itemize your total itemized deductions are subtracted from your taxable income, so you're not actually deducting 100% of them, just lowering your taxable income.

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that it has formally signed on to endorse the WAGER Act (H.R. 4630), federal legislation introduced by Rep. Andy Barr (R-KY) that would restore the full, 100% deductibility of gambling losses.
