sports bet winnings
I have recently won over $36,000 on sports bets in Montreol Canada. Do I have to pay tax on these winnings fed or state and if so aprox. how much?
Asked on 10/05/03, 12:34 am
1 Answer from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: sports bet winnings
If you reside in the United States you are required to report your net gambling winnings as taxable income.
The federal income rates are on the web at the Internal Revenue Service site.
Answered on 10/06/03, 12:09 pm
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