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Betting on Sports? You May Owe the IRS

Source: https://kiplinger.com/article/taxes/T055-C005-S002-betting-on-sports-you-may-owe-the-irs.html - Jun 7, 2018

Depending on where you live, betting on your favorite teams may no longer require an account with a bookie or a plane ticket to Las Vegas. But in your zeal to play the odds, don't forget that gambling winnings are subject to federal taxes. Your state may want a piece of the action, too.

In May, the Supreme Court struck down a 1992 federal law that largely prohibited sports betting outside of Nevada casinos. New Jersey (the state that brought the suit that challenged the law) and Delaware aimed to have sports books up and running mere weeks after the court's ruling, while 20 other states have enacted legislation to kick-start the process.

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Category: General Business