Nearly 80% of Americans participate in sports betting, but how to report taxes after winning money? Most people have no idea.

Sports betting has become a national entertainment activity—March Madness is one of the most significant moments of the year for both casual and loyal bettors.A recent national survey by DIY tax software provider TaxAct shows that 79% of Americans have already or plan to engage in sports betting, in

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Royal Caribbean starts issuing year-end win/loss statements

Royal Caribbean has made it easier than ever to prove your casino losses to the IRS, but it’s also a sobering reminder for some cruisers.Casinos on cruise ships are required to report significant winnings to the IRS, which has an impact on income taxes.In practical terms, that means a situation when

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Underreported taxes on bettors’ gambling winnings leave IRS $1.4 billion short

While the broad legalization of sports betting has meant big wins for plenty of fans, the biggest losers could soon be coming for their share of the pie.Of course, that’s not the operators, who are reported to have made more than $11 billion in 2023, but rather, the IRS, who according to a new repor

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