Sports Bet-Everything You Need To Know.
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Sportsbetting - Sports
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How much are taxes on sports betting?
Sports betting winnings are classified as taxable income, specifically labeled as ordinary income on your tax return. The applicable tax rate ranges from 10% to 37%, based on your income tax bracket. On the other hand, if you experience losses, you won't owe any taxes. However, if you choose to itemize your deductions on your return, you may be eligible to deduct your losses. It's important to remember that the amount you can deduct cannot exceed your winnings.