And, as is the case with all activities that generate income of any sort, it will have an effect on your taxes.
Many people don't think about the tax implications of placing wagers on their favorite winning sports teams, but if you took part in sports gambling, here are some things you need to know about the tax implications.
All income is taxable and gambling winnings are considered income.
If you receive your winnings through PayPal, CashApp, Zelle, or Venmo, the reporting form may be a Form 1099-K.
Even if you don't receive a Form 1099, you still need to report the net profits on your federal and state income tax returns.
Winnings at a Sportsbook/Casino
Meet with a TurboTax Full Service expert who can prepare, sign and file your taxes, so you can be 100% confident your taxes are done right.
Start TurboTax Live Full Service today, in English or Spanish, and get your taxes done and off your mind.
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