Won your March Madness bets? You may owe Uncle Sam
CNN
If you won big on bets you made for the March Madness men’s and women’s NCAA tournaments, enjoy the money. Just know that some chunk of it may need to go to the IRS, and possibly your state, too.
If you won big on bets you made for the March Madness men’s and women’s NCAA tournaments, enjoy the money. Just know that some chunk of it may need to go to the IRS, and possibly your state, too. And if you lost big, there’s a possible silver lining. Those losses may help lower your tax bill, but only if you normally itemize your deductions and also have a lot of other gambling winnings. More on that in a minute. Tens of millions of Americans bet billions of dollars every year on the NCAA tournament, according to the American Gaming Association. An estimated 68 million people bet $15.5 billion on the men’s division alone last year. That includes bets placed with legal sportsbooks, friendly wagers, office pools and illegal offshore betting. (A comparable number for this year isn’t yet available but will include for the first time the wagers placed on the women’s tournament.) So if you made bets last year, here’s what you need to do on your 2023 tax return, which is due for most people on April 15. And if you placed bets this year, file this information in your 2024 tax folder for quick reference when the next filing season starts in January 2025. All gambling winnings have to be reported to the IRS and are subject to federal income tax. Your winnings also may be subject to state tax, unless you live in the dozen or so states that exempt gambling winnings. If your March Madness winnings — minus how much you bet — are at least $600, and if you placed your wager at a retail sportsbook or legal sports betting site online, you and the IRS should receive a tax form W-2G from the entity that paid you.
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