Several Americans unaware of how to report gambling winnings.

With more US states legalizing online sports betting in recent months and an estimated $15.5 billion wagered on March Madness alone, Jackson Hewitt Tax Services conducted a survey to determine whether American adults were aware of the tax implications of their gambling winnings. According to the report, 62% of taxpayers were unsure how to report money won from sports betting and gambling. Furthermore, 48% of those polled believed that cash winnings from sports bets were only taxable if sports betting was legal in their state. This is incorrect because the IRS requires all income to be reported.

 

[Hannman]

Is there another special way of reporting your winning in gambling. I believe it's not something hard if the gambling is an online onebut if it's not an online one, you will have to go to the gambling company with proof

 

[Julio88]

Is there another special way of reporting your winning in gambling. I believe it's not something hard if the gambling is an online onebut if it's not an online one, you will have to go to the gambling company with proof

There is not really a special way per se, but most Americans are ignorant when it comes to matters of this nature. The report does not surprise me in the slightest, to be quite honest with you.