Do you pay taxes on sports bets

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Think of it like your weekly paycheck. If any taxes on your winnings have already been withheld, make sure to report that on the or W2-G. If you never got one, contact your sportsbook or casino. State to State If you report your sports betting winnings to the IRS, states will be aware too and want to tax it. To avoid a double tax on those winnings, claim an exemption on your home state return for taxes paid to another state. If your income is subject to a higher tax rate in your home state versus the state you bet in, the home state generally requires you to pay the difference.

If tax rates are lower in your home state versus the other state, you may be entitled to a deduction. Remember, this is just advice. This ambiguity only applies to wagers with up-front stakes. It goes poorly and you lose your bet. This is added to your annual income and adjusts your taxes by the appropriate amount. While a W-2G or a Form from your payer should indicate taxable income, be sure to check with a tax professional if you are unsure how to proceed.

The Bottom Line Like all forms of gambling winnings, money you get from sports betting counts as income. You must pay federal income taxes on all winnings regardless of amount and may owe state taxes as well.

The rules of state taxes are highly jurisdiction-specific, however, so be sure to research the specific laws of your own state. Tips on Taxes You know what has some of the most interesting psychology and economics on the entire market? The lottery. Gambling can be a fun way to pass the time, but it is not a sound form of financial planning. Consider working with a financial advisor to develop a genuinely sound plan.