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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

Tax Tips for Gambling on College and Professional Sports

February 27, 2020 / Jim Wang
Tax Tips for Gambling on College and Professional SportsEvery 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

How Are Gambling Winnings Taxed?

July 30, 2019 (Last Modified: March 20, 2020) / asbbaines
How Are Gambling Winnings Taxed?

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

How Much Your March Madness Bracket Will Cost You at Tax Time

March 15, 2019 (Last Modified: March 18, 2019) / Jim Wang
How Much Your March Madness Bracket Will Cost You at Tax TimeLast year, ESPN estimated that March Madness bets would total to the whopping amount of about $10 billion. That’s real money, and real money comes with real tax implications. How much your March Madness bracket will cost you at tax...

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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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