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The TurboTax Blog > Gambling Tax Tips

Gambling Tax Tips

From March Madness winnings, to sports gambling losses, learn how gambling affects your taxes with TurboTax gambling tax tips.

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Income and Investments

Sports Betting Taxes Guide (How to Pay Taxes on Sports Betting)

February 27, 2020 (Last Modified: January 6, 2021) / Jim Wang
Sports Betting Taxes Guide (How to Pay Taxes on Sports Betting)Every year, I join a fantasy football league with my friends and every year, I lose. So for me, unfortunately, my limited sports gambling has no impact on my taxes. But if you frequently place bets on sporting events, and...

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Tax News

Oscars and the Taxation of “Swag Bags”

February 5, 2020 / TurboTaxLisa
Oscars and the Taxation of “Swag Bags”The outfits are picked, parties planned and the votes for the 2020 Oscar winners will be tallied. This weekend, Hollywood’s nominees will gather for the 92nd Academy Awards ceremony. And while most hopefuls will not be walking away with the...

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Income and Investments

Gambling Winnings Tax (How Much You Will Pay For Winning?)

July 30, 2019 (Last Modified: January 6, 2021) / asbbaines
Gambling Winnings Tax (How Much You Will Pay For Winning?)

Most people don’t think about taxes on their way to the casino. But what might seem like nothing more than a fun night in Las Vegas actually carries significant tax consequences if you win. Failure to properly report your haul can result in serious penalties and headaches you just don’t want.

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Income and Investments

Sports Gambling and How Your Winnings are Taxed

October 29, 2018 (Last Modified: March 5, 2020) / Ginita Wall, CPA, CFP®
Sports Gambling and How Your Winnings are Taxed

You may be headed to the racetrack, casino or to make your sports bet, hoping to win big. But you might be surprised that Uncle Sam has his fingers crossed for your good fortune as well.

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Tax Planning

How Your Lottery Winnings Are Taxed

October 23, 2018 (Last Modified: March 5, 2020) / TurboTaxLisa
How Your Lottery Winnings Are TaxedWinning a large Lottery Jackpot is a dream come true for many! Everyone scrambles around to get last minute tickets and hoping to be a winner of the next large jackpot in lottery history. But lottery participants aren’t the only...

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Tax Reform

Last Call on These Popular Tax Deductions

October 6, 2018 (Last Modified: July 23, 2019) / TurboTaxBlogTeam
Last Call on These Popular Tax DeductionsFor people who haven’t filed your 2017 taxes yet, make sure to take advantage of these tax deductions while you still can before the October 15th extended tax deadline! The new tax reform law eliminated several popular tax breaks starting...

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Tax Planning

Your Personal Tax Prep Checklist – Check Off These Documents Before Starting Your Taxes

January 16, 2018 (Last Modified: July 23, 2019) / Jim Wang
Your Personal Tax Prep Checklist – Check Off These Documents Before Starting Your TaxesIf you are eager to file your taxes, either because you’re due a tax refund or you just want to get it out of the way, the IRS has announced they will be accepting paper and electronic returns starting Monday,...

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Income and Investments

3 Tax Reasons for Why You Should Think Twice Before Betting on the Big Game

September 16, 2017 / Jim Wang
3 Tax Reasons for Why You Should Think Twice Before Betting on the Big GameAre you ready for some football? If so, maybe you’ve been thinking about putting a little money on the game, and if you are, it’s important to know that there may be tax implications. Like other sources of income, gambling...

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Income and Investments

How Do Game Show Winnings Affect Your Taxes?

August 31, 2016 / TurboTaxBlogTeam
How Do Game Show Winnings Affect Your Taxes?Imagine this: you’ve made it to the final showcase of a popular game show. You have just guessed how much a 72” television, a red 2017 Chevrolet Camaro and a week-long trip to Thailand would cost. Suddenly, the host announces...

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Tax News

How Will You Be Taxed If You Win the Powerball Jackpot?

January 13, 2016 (Last Modified: August 23, 2019) / TurboTaxBlogTeam
How Will You Be Taxed If You Win the Powerball Jackpot?Have you caught Powerball fever? Much of the country has, creating long lines at convenience stores and driving today’s jackpot to a record-breaking $1.5 billion dollars as of publishing. Admittedly, your chances of correctly choosing all six numbers are slim...

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