Wager Mage
Wager Mage
Photo: Irenè Lazarova
If you win money betting on sports from sites like DraftKings, FanDuel, or Bovada, it is also taxable income. Those sites should also send both you and the IRS a tax form if your winnings exceeds $600.
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Read More »Every year, I join a fantasy football league with my friends and every year, I lose. So for me, unfortunately, my limited sports gambling has no impact on my taxes. But if you frequently place bets on sporting events, and find yourself winning, it may have an impact on yours. With the US Supreme Court ruling allowing any state to legalize sports betting, an increasing number of people are wagering on sports each year. 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.
As of 2022, the average bonus pay in the U.S. is 11% of salary for exempt employees, 6.8% for nonexempt salaried employees, and 5.6% for hourly...
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A frequently cited limit on the most cash you can withdraw at any one time is $10,000. However, the reality is that withdrawals of $10,000 or...
Read More »The 1099 tax forms report your winnings to the taxing authorities and also lets you know the amount you must report on your taxes. 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.
Go to the 'My Contests' page and click the 'History' button. You'll see a 'Download Entry History' link. If you click that, you'll have access to...
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lacrosse The oldest sport in America is lacrosse. The Native Americans have been playing lacrosse for several millennia.
Read More »In a related matter, there’s bad news on the college seating rights front starting with the 2018 tax year under tax reform. Under the old tax law, donors were allowed to make contributions in exchange for the right to purchase tickets or seating at college sporting events with a big tax advantage. They could treat 80% of the contribution as a charitable deduction. The remaining 20% represented the actual cost of the tickets or seating. In this way, the IRS recognized that the majority of the money paid for college seating rights represented a charitable contribution, rather than a ticket purchase. Unfortunately, that tax break has been eliminated, starting in the 2018 tax year. Don’t worry about knowing these tax rules. TurboTax will ask you simple questions about you and give you the tax deductions and credits you’re eligible for. If you have tax questions, you can connect live via one-way video to a TurboTax Live tax expert with an average of 12 years experience and get your tax questions answered. TurboTax Live tax experts are available in English and Spanish, year-round and can even review, sign, and file your tax return or you can even just hand it off to a dedicated tax expert to do your taxes for you from start to finish.
"Mechanics," or cheating dealers, can control the cards to the extent that they can "stack" the deck or manipulate it in a such a way as to create...
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Many gamblers lose because they never give themselves an opportunity to win; even when they have won a significant amount they will continue to bet...
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What is the Payout on 100 to 1 Odds? The payout on 100 to 1 odds is 100 times your risk amount, plus your original wager amount. So if you bet $10...
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