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Many people don't think about the tax implications of placing wagers on their favorite winning sports teams, but if you took part in sports gambling, here are some things you need to know about the tax implications. If you win money from lotteries, raffles, horse races, or casinos – that money is subject to income tax. If you win your Fantasy football league, it's all taxable income in the eyes of the IRS. If you receive your winnings through PayPal, CashApp, Zelle, or Venmo, the reporting form may be a Form 1099-K. Report Winnings Even if You Don't Receive Form 1099 The 1099 tax forms report your winnings to the taxing authorities and also lets you know the amount you must report on your tax return taxes. Winnings at a Sportsbook/Casino This can include wagering receipts or tickets, canceled checks, or other receipts. faux saint laurent bag
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