March Madness: 9 Tax Tips for Gambling Income and Losses

The NCAA Division I men’s basketball tournament—better known, along with the women's tournament, as March Madness—is one of the most exciting sporting events on the calendar. From Selection Sunday (March 17) to the cutting of the championship nets (April 8), millions of people are tuned in to the tournament and following their favorite teams for three straight weeks.

And, of course, there’s the betting. Through office pools, casinos, online gambling and more, billions of dollars are wagered on the Big Dance each year. But if you’re lucky enough to win some cash for having the best bracket or correctly picking the Final Four, don’t forget that Uncle Sam wants his cut, too. So, before you run out and spend your March Madness jackpot, here are 9 things to remember about taxes on gambling winnings.

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Summit Brokerage Services, Inc., its affiliates and Premier Planning Group do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction.