Did you pull in some mad cash from betting onNFLgames this season?

Because you do, in fact, need to file taxes for sports betting.

Your future self will thank you for knowing how it works come tax time in the spring.

Two men watch a sports game at a bar.

We have the details.

Need a Hand With Bills?

Listen, we know its tough out there.

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But theres no shame in asking for help.

These companiesmake it easy to help yourself and your bank account.

Do you have to file taxes for sports betting?

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Yes, you have to file taxes on winnings from DraftKings, FanDuel or any other sports betting apps.

Dont be fooled into thinking the authorities wont notice the IRS does care about sports betting winnings.

Can my sports betting losses offset my winnings?

The standard deduction is quite high since theTCJApassed in 2017.

At the same time, you lost $10,000 betting on other games.

What triggers W-2 G paperwork for sports betting?

But this is explicitly made for gambling winnings.

The app wont just send this paperwork to you.

W-2 G reporting is triggered when you win either $5,000 or 300 times the amount wagered.

Then theyll release your winnings.

If youre looking to boost your income this month, weve got just the thing for you.

How much should I set aside for taxes for sports betting?

She recommends putting this money in a deposit account separate from your everyday checking.

That way, itll be harder to spend throughout the year.

Where do I put gambling winnings on my 1040?

When you have gambling winnings, youll have to file a Schedule 1 with your 1040.

Look for the line on Schedule 1 that says Other Income.

Thats where youll put your total winnings from your sports betting endeavors throughout the year.

Are taxes different for professional gamblers?

Her father was a casino cage manager in Las Vegas.

She recounts some sage advice he gave her one night when she was young.

We were looking out over the Las Vegas Strip with all of its lavish towers, lights and fountains.

[He told me,] Casinos dont make all their money because their customers are winning.

As youre coming off the high of a big win, you might think you could do this professionally.

Is Your Paycheck Not Going As Far As It Used To?

We get it.Everythingis more expensive than it used to be, but your paycheck hasnt kept up.

When money is tight,these resourceswill help nearly everyone.

She is a regular contributor to The Penny Hoarder.