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Just when you thought you hit your big score via sports betting, Uncle Sam comes knocking every year to get their cut.
So if you have made a lot or a little bit of money following Post-Action Betting picks, April 15 is your deadline to file that as taxable income.
Maybe you nailed my prediction of Jon Jones by submission +700 in March 2023 or are preparing for a bigger tax filing next year on Michael Leboff’s 80/1 outright winner on Hideki Matsuyama in February; the Post has you covered with some help from a tax professional.
Alison Flores, Manager at The Tax Institute at H&R Block, answered some basic sports betting tax-related questions ahead of the tax deadline.
As with all income, tax rates can be anywhere between 10 percent and 37 percent, depending on your tax bracket.
Use this as a solid base knowledge when placing your wagers throughout the year, but contact a tax professional for more intricate, detailed answers about your sports betting tax liability.
Flores’ answers are italicized.
What’s the minimum amount of money you need to win sports betting in order to pay taxes?
What’s the tax rate?
If I make $5,000 at DraftKings but lose $5,000 at FanDuel, does the difference even out for tax purposes?
Do sportsbooks file my winnings for me, or is that for me to handle?
A note to Daily Fantasy players…
if I keep gambling winnings in the betting account and don’t withdraw them, do I have to pay taxes on them?
