Football season is about to kick off. If you’ll be betting on college and NFL games this year, it’s time to brush up on the tax rules associated with gambling. Federal tax law requires taxpayers to report winnings on their tax returns, even if they don’t receive a Form W-2G for gambling winnings. Also a major gambling rule change went into effect this year: Gamblers can deduct from their winnings only 90% of their losses for a tax year. This means some gamblers could owe tax even if they break even or incur a net loss. And losses generally are deductible only if you itemize deductions. If you’re unsure of the tax rules regarding gambling, please contact us or visit: https://bit.ly/4zQQ2pS
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