Federal lawmakers have introduced the FULL HOUSE Act, new bipartisan legislation aimed at reversing a recent change to the tax code that limits how much taxpayers can deduct in gambling losses. The Facilitating Useful Loss Limitations to Help Our Unique Service Economy Act was formally introduced in the House of Representatives by Steven Horsford of Nevada and Max Miller of Ohio. The legislation seeks to restore a decades-old tax standard that allowed individuals to deduct 100 percent of their wagering losses against their winnings. This standard was recently altered by a provision in a larger tax reform package which reduced…

Miami Herald – On the hook for $170 million in income taxes and related bills, the Miccosukee Tribe of Indians is suing rather than settling with the Internal Revenue Service over the tribe’s failure to report and withhold income from its gambling distributions to members. But what makes the federal lawsuit filed in Miami so distinctive is that the tribe has mounted the counteroffensive not only against its longtime nemesis, the IRS, but also against Attorney General Eric Holder and the secretaries of the Treasury and Interior departments. The crux of the suit: The contention that in 2005, the IRS…

From Forbes – Do you enjoy rolling the dice, playing cards or betting on the ponies? However you gamble, one thing is clear: gambling winnings are always taxable income in the eyes of the IRS. You might think that’s all the IRS says about gambling. But actually, the IRS offers some tax tips for casual gamblers. 1. Winnings Are Income. Gambling income includes winnings from lotteries, raffles, horse races and casinos. Obviously, cash winnings are taxable. You must report all your gambling winnings as income on your tax return regardless of whether you receive an IRS Form W-2G. 2. Winnings In Kind. But even if…