by Giovanni Shorter | Apr 3, 2021 11:31 am | Sports Betting
All sports betting wins are considered taxable income and should be claimed on sports bettors’ taxes. The Internal Revenue Service (IRS) requires taxes to be filed if players earn $600 or more. Sports betting fans are able to deduct losses, but only to the amount of...
by Christina Monroe | Mar 26, 2021 10:52 am | Regulatory
Nevada congresswoman Dina Titus is looking to get rid of the required 0.25% excise tax on sports betting handle in the United States. The IRS collects millions of dollars from every state with a regulated sports wagering industry each year through this tax that was...
by Christina Monroe | Oct 22, 2020 11:37 am | Regulatory
The IRS has ruled that DFS contests are games of chance and not games of skills which means they are taxable as they would be considered a form of gambling. If the IRS does get the backing it needs to tax the market, they could see millions of dollars annually in...
by Christina Monroe | Aug 14, 2020 11:49 am | Regulatory
The IRS is looking to place an excise tax of 0.25% on the Daily Fantasy Sports (DFS) industry which could equate to millions of dollars paid to them each year in taxes. DFS has never been considered a form of gambling which is where an excise tax is enforced but the...
