Are you betting money on professional or college sports? If so, you aren’t alone. According to the IRS, billions of dollars are bet by “casual gamblers,” who aren’t in the business of wagering. If you win, congratulations. Not to rain on your parade, but Uncle Sam generally wants his share. You might receive a Form W-2G (Certain Gambling Winnings) depending on what you bet on and how much you win. All winnings must be reported on your tax return. You have until next year to report the money you win in 2025. You may need to pay estimated tax on the additional income. We can answer questions when we prepare your tax return.
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