football online betting

People sometimes ask if they are required to report their sports betting winnings if gambling on sports is illegal in their state. Even if the activity is illegal, you are still required to report the income from that activity. The sports betting winnings are taxed like other ordinary income, so it is important to tell your tax professional about both your winnings and losses. In addition to the limitation on how much you can deduct, you can only deduct your sports betting losses if you itemize your deductions. Taxpayers who take the standard deduction are generally unable to deduct their sports betting losses. If you receive a tax form from a sportsbook or gambling company, the first thing to do is to verify that the amount of winnings is correct.

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