World Series Gambling Winnings and Taxes

Are you betting on the Dodgers to come back and win the final two in Toronto this weekend, right? If so, this is going to come around to taxes if you win.

Gambling Winnings Get Taxed

Let's say as a hypothetical you go to Prairie Meadows outside Des Moines where we’re based and win big at the sports book. Well, you best believe the casino is giving you a W-2 G for your taxes, that’s the tax form for gambling winnings.

I know it sucks, but yeah, if you are betting on the World Series or any other sports or games, Uncle Sam always wants his cut. And don't even get me started on the NBA gambling ring stuff... which apparently there was a $8 million tax lien on Terry Rozier. No bueno.

So no matter what you’re betting on, if you win, you’re paying Uncle Sam a cut, unfortunately.

Did you have some gambling winnings or have a question about your tax situation? Shoot us a message or even book a tax return review.