3 Types of Sports Wagers on Which You'll Owe Taxes
Thought you won big in your Fantasy Football league? Think again.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
Congrats! Your football bet won the jackpot. The prize may or may not be legal, but you can bet you owe taxes on it.
You won in Vegas. Football gambling is legal at casinos in Nevada and Delaware. The larger your prize, the more likely you (and the IRS) are to receive a tax form, such as a 1099-MISC or W2-G, to report the prize. No form? You’re still obligated to report winnings, regardless of size, on your tax return as “other income.”
You won playing daily fantasy. Daily fantasy football contests, such as those offered by FanDuel and DraftKings, are legal in some states, outlawed in others. Where legal, proceeds from these games are likely treated as “hobby” income. Any entrance fees that you wish to deduct from taxable income (if you itemize) must exceed 2% of your adjusted gross income.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
You won the office pool. Most states consider office pools to be illegal lotteries but largely tolerate the practice. The IRS expects you to report even questionable windfalls. But that works both ways: Itemizers can offset gambling gains with any losses—legal or not.
-
Nasdaq Leads a Rocky Risk-On Rally: Stock Market TodayAnother worrying bout of late-session weakness couldn't take down the main equity indexes on Wednesday.
-
Quiz: Do You Know How to Avoid the "Medigap Trap?"Quiz Test your basic knowledge of the "Medigap Trap" in our quick quiz.
-
5 Top Tax-Efficient Mutual Funds for Smarter InvestingMutual funds are many things, but "tax-friendly" usually isn't one of them. These are the exceptions.
-
How to Open Your Kid's $1,000 Trump AccountTax Breaks Filing income taxes in 2026? You won't want to miss Form 4547 to claim a $1,000 Trump Account for your child.
-
In Arkansas and Illinois, Groceries Just Got Cheaper, But Not By MuchFood Prices Arkansas and Illinois are the most recent states to repeal sales tax on groceries. Will it really help shoppers with their food bills?
-
7 Bad Tax Habits to Kick Right NowTax Tips Ditch these seven common habits to sidestep IRS red flags for a smoother, faster 2026 income tax filing.
-
10 Cheapest Places to Live in ColoradoProperty Tax Looking for a cozy cabin near the slopes? These Colorado counties combine reasonable house prices with the state's lowest property tax bills.
-
New Gambling Tax Rule Impacts Super Bowl 2026 BetsTaxable Income When Super Bowl LX hype fades, some fans may be surprised to learn that sports betting tax rules have shifted.
-
Should You Do Your Own Taxes This Year or Hire a Pro?Taxes Doing your own taxes isn’t easy, and hiring a tax pro isn’t cheap. Here’s a guide to help you figure out whether to tackle the job on your own or hire a professional.
-
Can I Deduct My Pet On My Taxes?Tax Deductions Your cat isn't a dependent, but your guard dog might be a business expense. Here are the IRS rules for pet-related tax deductions in 2026.
-
Don't Overpay the IRS: 6 Tax Mistakes That Could Be Raising Your BillTax Tips Is your income tax bill bigger than expected? Here's how you should prepare for next year.
