Wagering Losses Exempt in New Law

By Bloodhorse.com
WASHINGTON, D.C. (Jan. 2, 2013) -- Following targeted lobbying from the National Thoroughbred Racing Association, "Fiscal Cliff" legislation passed Jan. 1 by both the U.S. Senate and House of Representatives contained language that exempts wagering losses from being subject to the newly enacted limitation on itemized deductions. http://www.bloodhorse.com/horse-racing/articles/75319/no-tax-code-change...