Good news your losing bets on this years NCAA tournament may be - FOX 26 News | MyFoxHouston

Good news your losing bets on this years NCAA tournament may be tax deductible

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HOUSTON (FOX 26) -

 

It is no surprise that billions of dollars are wagered both legally and illegally on the NCAA tournament basketball games.  What you may not realize is that your winning bets, legal or illegal are subject to income tax.  Certified public accountant Bob Martin has the tax ramifications to keep your bracket from causing tax madness.

  • Gambling winnings are subject to tax
  • Legal & illegal winnings are taxable
  • Cash & non-cash winnings are taxable
  • Losses may be deductible up to amount of winnings
  • Special rules for professional gamblers
  • Keep detailed records of wins & losses
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