Wagering losses
(1) In general
(1)In general#
For purposes of losses from wagering transactions, the amount allowed as a deduction for any taxable year—
(A) shall be equal to 90 percent of the amount of such losses during such taxable year, and
(B) shall be allowed only to the extent of the gains from such transactions during such taxable year.
(1)(A)#
shall be equal to 90 percent of the amount of such losses during such taxable year, and
(1)(B)#
shall be allowed only to the extent of the gains from such transactions during such taxable year.
(2)Special rule#
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.