College hoops fans will be filling in their brackets this month for the March Madness betting, but many may not be aware of the tax rules surrounding gambling wins and losses. The Illinois CPA Society has some tips from the pros who know how to make the layups.
According to the American Gaming Association, nearly 40 million Americans filled out brackets for last year’s tournament and bet an estimated $2 billion. Beyond the brackets, total wagering on the tournament runs as high as $9 billion.
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