The NFL has six hard-hitting games scheduled for Wild Card Weekend, taking place from January 11th to January 13th. Throw in the NCAA Championship Semifinals to the lineup on January 9th and 10th, and you can bet on a wild betting frenzy worthy of a game-winning touchdown. It is a football fan’s dream.
Tax Rules for Your Football Winnings & Losses
Here is a little help from us as to the Tax Rules:
Your winnings are reported on Line 8b of Schedule 1 of your 1040.
Your losses are deductible only if you itemize on Schedule A and to the extent of your winnings.
If you are a professional gambler, which is a hard hill to climb, you are a business and can deduct all losses and related expenses.
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