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SPORTS BETTING AND TAXES - DO I HAVE TO FILE HOW DO I FILE TAXES FOR THIS

Two different companies in 2023 came out with some really fun promotions. Both companies had promotions that offered people $200 if they placed a five dollar bet. Well I placed the five dollar bet and I won. Over the year I won $500 on one website and $150 on another website. I'm kind of lucky because the amount of deposits I made was $100 for both sites. 500+150 = $650. Both websites don't have tax forms for me because my winnings are less than what is needed to file taxes. With the combined winnings of $500 and $150 do I have to file taxes. How do I file taxes on this. What should I do?

 

 

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1 Reply
AmyC
Employee Tax Expert

SPORTS BETTING AND TAXES - DO I HAVE TO FILE HOW DO I FILE TAXES FOR THIS

You are to report all worldwide income on your US tax return. You can enter the income following these steps:

  1. You would go to income, 
  2. scroll to the bottom to misc income, 
  3. start, 
  4. scroll to the bottom again, 
  5. other reportable income, 
  6. start.
  7. enter amount and description.
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