This weekend is the Kentucky Derby, one of the most popular sports gambling events of the year.Most people don’t think about taxes on their way to the track or casino, but what might seem like nothing more than the chance to win some extra money actually carries significant tax implications.
Failure to properly report your haul may result in penalties and headaches, so be aware of these rules to stay on the safe side: Gamblers are lucky in that casino taxes are not progressive like income taxes are.
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