A year of sports betting is officially planned for Ohio. Whether you bet on the College Football Playoff while watching from home or take a trip to Hard Rock Casino, this industry has generated hundreds of millions of dollars in profits. It can all be fun and games, but don’t let your biggest losses happen when tax season approaches. ” If you are at a downtown casino or using an online system, depending on the amount you win, you will be asked to: We will issue you a 1099. When they issue you a 1099, they also send a copy to the IRS. So, essentially, it’s big brother. They’re reporting it to arrest, so the IRS expects it to show up on your taxes back,” said Michael McCormick of Financial Clarity Group. That form handles all your winnings, whether it’s sports betting or hits on slot machines. Either way, the IRS considers them as additional income. And failure to report can result in penalties.
A year of sports betting is officially planned for Ohio.
The industry has generated hundreds of millions of dollars in revenue.
Whether you bet on the College Football Playoff while watching from home or taking a trip to Hard Rock Casino.
It may all be fun and games, but don’t let your biggest losses occur when tax season approaches.
“If you’re using a downtown casino or an online system, depending on how much you win, you’ll have to issue a 1099. When you issue a 1099, a copy of it will also be sent to the IRS. So essentially… Big brother. People who are arrested are reporting it because they expect the IRS to include it on their tax returns,” said Michael McCormick of Financial Clarity Group.
This form handles all winnings, including sports betting and slot machine winnings.
Either way, the IRS considers these activities to be additional income.
Additionally, failure to report may result in penalties.