Sports Gambling Tax Guide
If there's ever a time not to gamble, it's during the tax filing process. With the NBA Finals, as well as the NHL Finals in full swing, you can bet that sports fans will be placing large wagers in the hope of winning big. When one wins big after having placed a bet on a sports event, it is imperative to file one's winnings and losses accurately.
Gambling income can include, but isn't limited to, monies made from: lotteries, horse and dog races, casino games, sports betting, raffles, and poker games. Anything won through these means should be claimed on tax filings, and as winnings increase, so too does the amount owed to the IRS.
Community Tax has created an infographic that shows all of the tax implications that come along with gambling income, as well as the items that should be recorded depending on the wager placed. It's got a lot of interesting information when it comes to reporting gambling winnings, so be sure to check it out below.
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