Section 1 Short title
This Act may be cited as the “Winnings And Gains Expense Restoration Act of 2025” or the “WAGER Act of 2025”.
Winnings And Gains Expense Restoration Act of 2025
A BILL
To amend the Internal Revenue Code of 1986 to restore wagering loss limitation rules.
Sec. 2 Limitation on wagering losses
In general— Section 165(d)(1) of the Internal Revenue Code of 1986 (as amended by the Act entitled “an Act to provide for reconciliation pursuant to title II of H. Con. Res. 14.” (119th Congress)) is amended by striking “for any taxable year” and all that follows through “shall be allowed” and inserting “for any taxable year shall be allowed”.
Effective date— The amendment made by this section shall apply to taxable years beginning after December 31, 2025.