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So whether you are an infrequent gambler, or you take gambling more seriously, the following are some tax implications you need to be aware of if you participate in sports betting, lotteries and other gambling activities. It’s easy to see why many sports fans are excited to be able to casually (and legally) bet on their favorite teams, however, many states and the IRS have also been keenly interested in this decision from a tax perspective due to the fact that the annual value of illegal sports wagers is about $150 million. This May, the Supreme Court reversed the law that prohibited sports betting in physical locations like casinos.
Home » NYC CPA on New Sports Gambling Tax Implications
