As the number of states offering legalized sports betting continues to rise, so does the number of people who say they plan to bet on football games.
"Whether you enjoy bets on races, join a fantasy football league, join friends at bingo — or have other gambling hobbies — the winnings are fully taxable and you must report the income on your [tax] return," said Susan Allen, senior manager for tax policy & advocacy with the American Institute of CPAs.
Generally speaking, if you win more than $600 for a sports wager and the amount is 300 times the original bet, the payor is required to withhold 24% of your winnings for federal taxes, according to the IRS.
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