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faux saint laurent bagIt is best practice to keep records of all your sports betting activity.
The sports betting winnings are taxed like other ordinary income, so it is important to tell your tax professional about both your winnings and losses.
Most taxpayers can only deduct their sports betting losses to the extent of their sports betting and gambling winnings.
Taxpayers who take the standard deduction are generally unable to deduct their sports betting losses.
A tax professional can assist you with determining if you qualify as a professional gambler and can explain how taxes work for your winnings and losses.
You are usually also required to report your sports betting winnings on the tax return for your state of residency.
Don't do your taxes™ – Let us do them for you.
The law is complex and changes often.
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