Over $42 billion has been legally bet on sports since betting expanded into more states in 2018, and the industry is still growing. If you placed bets on sites like DraftKings DKNG, -10.82%, Penn National Gaming PENN, -9.76% or MGM MGM, -7.43% in 2020, you could have to pay taxes.Do I have to pay taxes on my winnings?
“Gambling winnings are fully taxable and you must report the income on your tax return,” according to the IRS. “Gambling income includes but isn’t limited to winnings from lotteries, raffles, horse races, and casinos.” According to the IRS, if you make $600 or more gambling on sports, you have to pay federal taxes on it. This includes non-cash winnings based on their value.
“The late payment penalty is 0.5% of the tax owed after the due date, for each month or part of a month the tax remains unpaid, up to 25%,” according to this IRS website.
Under funded confuse & conflicting rules GreedOverProfit too busy tax cutting past four years for any coherent policy.
Awful clickbait. Of course it’s taxable and the taxman will have to wait until tax day. They all issue 1099s, so nothing different from earnings from any other entity.
Taxation is theft!
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