Enjoying the newly-legalized sports betting in New Jersey comes with many challenges if you or a loved one is coping with a gambling problem, and learning to manage winnings in a healthy way is one of them. Part of that, it might surprise you to know, involves paying taxes.
Read through this detailed infographic to learn how the Tax Man is linked to the world of gambling.
Staying compliant with federal tax law, like practicing healthy gambling habits, requires some vigilance — and possibly a little extra support. If you or someone you care about is struggling with a gambling problem and needs help navigating the sports betting landscape in Atlantic City, NJ, we encourage you to call our 24-hour, free and confidential helpline.
Sources:
https://www.azcentral.com/story/money/business/consumers/2019/03/24/how-deduct-gambling-losses-and-expenses-your-taxes/3178103002/
https://www.irs.gov/instructions/iw2g