Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act

This bill limits tax deductions for gambling losses to only the amount of gambling gains earned in the same year. It directly affects individuals who report gambling income on their tax returns, requiring them to offset losses against prior gambling winnings rather than using losses to reduce other taxable income. The key provision amends the tax code to restrict wagering loss deductions under Section 165(d), making losses deductible only up to the level of gambling gains. The rule applies to taxable years beginning after December 31, 2025.