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Calculate Your Potential Taxes on NY Sports Betting Winnings

Updated:2024-06-12 04:00    Views:166

Sports betting has become increasingly popular in New York, with many residents trying their luck on various sports events. However, it is important for bettors to be aware of the potential taxes they may have to pay on their winnings. In New York, sports betting winnings are considered taxable income and must be reported on your state and federal tax returns. Fortunately, there are ways to calculate your potential taxes on NY sports betting winnings to avoid any surprises come tax season. To calculate your potential taxes on NY sports betting winnings, you will first need to determine your total winnings for the year. This includes all sports bets that resulted in a win, regardless of the amount. Once you have calculated your total winnings, you will need to report this amount as income on your state and federal tax returns. In New York, sports betting winnings are taxed at a rate of 8.82% for state income tax purposes. This means that you will need to set aside a portion of your winnings to pay your state taxes at the end of the year. In addition to state taxes,Play Casino Online you will also need to factor in federal taxes on your sports betting winnings. The federal tax rate on gambling winnings is 24%, and this applies to all types of gambling income, including sports betting. To calculate your federal taxes on sports betting winnings, you will need to multiply your total winnings by 24% and report this amount on your federal tax return. It is important to keep accurate records of your sports betting activity throughout the year to ensure that you are reporting the correct amount of income to both the state and federal government. , while sports betting can be a fun and exciting way to potentially make some extra money, it is important to be aware of the potential taxes you may have to pay on your winnings. By calculating your potential taxes on NY sports betting winnings and setting aside a portion of your winnings for taxes throughout the year, you can avoid any surprises come tax season. Remember to keep accurate records of your sports betting activity and consult with a tax professional if you have any questions or concerns about reporting your winnings.




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