It’s March Madness and that means many sports fans are betting on their favorite team during college basketball’s biggest tournament of the year
The rules about taxable income apply whether you place your bet in an office pool or at the casino, Mark Steber, chief tax information officer at Jackson Hewitt, said. There isn’t a “de minimis rule” that excludes a certain amount of money from your taxable income. Steber said that “even $1 is technically taxable” under IRS tax law.
If you receive $600 or more through sports betting and the payout is at least 300 times the amount of the wager, casinos or other gambling establishments are generally required to
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: