losses from wagering transactions
Defined in 1 place of the United States Code.
For purposes of paragraph (1), the term “losses from wagering transactions” includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.
Source
- 2025–present26 U.S.C. § 165Internal Revenue Code · Losses · in this section
Losses from wagering transactions shall be allowed only to the extent of the gains from such transactions. For purposes of the preceding sentence, in the case of taxable years beginning after December 31, 2017, and before January 1, 2026, the term "losses from wagering transactions" includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.
Source
- 2017–202526 U.S.C. § 165Internal Revenue Code · Losses · in this section