Tax guide

Is sports gambling legal?

Any state that wishes to legalize sports gambling now has the authority to do so.

For many years, Nevada was the only state where it was legal to make a single-game wager. On May 14, 2018, the Supreme Court overturned a 1992 federal law which banned most states from authorizing sports betting. This recent lawsuit was brought by the state of New Jersey in an effort to legalize sports betting in the state.

Since gambling income is taxable, you are required to report your gambling earnings when you file your taxes. You’ll receive a Form W-2G, Certain Gambling Winnings, from the betting establishment if your winnings are at least 300 times what you bet and over $600 (or otherwise subject to federal income tax withholding).

You are still required to claim the winnings as income on your taxes even if the agency isn’t required to issue a Form W-2G.

Gambling losses? You may be able to claim them as an itemized deduction; in that case, report the amount you lost on a Schedule A, Itemized Deductions.

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