Sports Gambling
sports gambling
Sports Gambling Taxes....please help?
I really need help on this subject, searching the internet hasn't really given me the direct answers I need. Here's what I need to know.
How do I calculate how much tax I pay on my winnings?
What form do I use to report sports gambling taxes?
Are Sports Gambling taxes, State, Local, or Federal?
Please help, I want to pay my taxes the right way.
Winnings are fully taxable as ordinary income. List them on line 21 of Form 1040. Ditto for your state and local tax return, whatever the "Other Income" line is.
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'Expert Opinion' show examines sports gambling
Why is sports gambling only legal in Nevada?
Why in Nevada and not other states? Was Nevada grandfathered in? Why can't another state allow sports gambling? Why is Nevada special?
I think the reason is that sports gambling is so damn hard to regulate. Not to say that other games of chance aren't difficult to regulate like Poker, Blackjack, Craps, Baccarat etc, but there is so much more money involved in sports gambling than these games. I don't think that anybody considers Nevada "special" in and out of the fact that one state is difficult enough to regulate let alone 50. Besides that, many states allow wagering on sports such as dog or horse racing. Just because it isn't legal doesn't necessarily mean it isn't tolerable. NASCAR or Superbowl pool anyone?
