When you’re busy placing bets, the last thing you’re thinking about is tax on sports betting. However, if you win money, you will be expected to pay federal income tax on your winnings, providing you meet specific requirements. What’s more, you’ll also often be asked to pay sports betting tax on a state level, taking even more money away from your winnings.
On this page, we’ll be taking a close look at sports betting tax across the United States, showing you how much to pay and, perhaps more importantly, how you can legally reduce your tax bill. We’ll even be looking at whether you can altogether avoid paying taxes on your sports betting winnings by joining up with offshore sports betting sites.
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