Sports Betting Taxes | Discussion with a CPA

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Sports betting taxes explained by a CPA (Certified Public Accountant). This is NOT tax advice you should use to independently file your return. As we state clearly in this video, you still should hire a CPA to do your taxes as a sports bettor.

Data runs the world - it should run your sports betting accounts, too.

Randall sits down with Jason, a licensed CPA from Illinois, to discuss how to approach handling taxes and sports betting.

Jason gives a summary of the 2021 tax laws for gambling income and losses. He explains what is taxable, what you can deduct if you itemize, the tax rate and the difference in the Federal vs State taxes. Jason discusses how sportsbooks calculate the gains and losses for each sports bettor and the importance of W2G or 1099.

Jason goes into detail on how you can plan for your taxes in advance and what steps you can do to avoid different penalties. Jason utilizes the OddsJam low holds page to help balance his sportsbooks. With two months left in the year, it is important to get this information in order now and not later. Keep track of your results, gather info, and ask the sportsbooks for information you need to correctly file your taxes. For 2022, there are no major changes coming to the taxes.

Jason strongly encourages everyone to talk to a CPA in your state and get the proper advice you need.

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