Now that sports betting and gambling have been legalized in many states, many bettors have questions about their tax obligations and whether they can claim their sports betting losses to offset other income.
It is best practice to keep records of all your sports betting activity.
In addition to the limitation on how much you can deduct, you can only deduct your sports betting losses if you itemize your deductions.
A tax professional can assist you with determining if you qualify as a professional gambler and can explain how taxes work for your winnings and losses.
If I bet on sports in multiple states, how do I handle taxes on my winnings?
Generally, most states tax all income that is earned in their state, even if you are not a resident of that state.
You are usually also required to report your sports betting winnings on the tax return for your state of residency.
Also, some states may not allow a taxpayer to deduct gambling losses to offset gambling winnings.
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