The Truth About Gambling and Taxes
March Madness in wrapping up. Baseball season is just getting started. That means tax season is here. When it comes to gambling and taxes there are some wide spread misconceptions. According to the American Gaming Association, March Madness is causing a nationwide betting frenzy, with nearly 70 million adults expected to wager up to $15.5 billion this year. However, a survey conducted found that 62% of taxpayers are uncertain about how to report money won from sports bets and gambling. According to that study, conducted by Jackson Hewitt Tax Services, 48% also falsely believe that cash winnings from sports bets…
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