States have collected hundreds of millions in gaming taxes since the Supreme Court overturned the federal ban on sports betting a few years ago, and the IRS wants its fair share. As many as 149 million taxpayers could be on the hook for taxes on legal winnings this tax season, 23 million more than last year.
Whether you’re a casual gambler or a pro, reporting your winnings correctly isn’t exactly a slam dunk. There are forms you may or may not have received, and limits to the losses you can write off.
For 2020, no one will report winnings from ...
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