In the case of gambling losses, you can claim them as itemized deductions, so also be aware of that. Go to DraftKings Get Bonus Filling out the formsĪfter accessing your From 1040, look for the “Other Income” line and add the amount there. Nonetheless, you still need to report all of your winnings on your personal tax return. When you register with a NY sportsbook or casino, from that point on, you are required to report your winnings if they are subject to federal income tax withholding, or if you win at least 300 times what you bet and the total amount exceeds $600.

The higher your taxable income is, the higher your state tax rate will be, which will have an effect.Įven with winnings that are not cash, like a car, for example, you need to report the fair market value of these winnings. In New York, however, state tax can range between 4% and 8.82%. On a federal level, gambling winnings are subject to a 24% tax rate. Winnings that come from sports betting in New York are subject to your income tax thus, you need to report these winnings on your tax return even if you don’t receive any other tax documentation for the income you received from your gambling activities. All winnings that come from gambling activity are taxable in the State of New York. It works the same with wagers placed at sportsbooks and casinos - land-based and online - as well as the New York State Lottery. Additionally, some operators may withhold taxes on winnings. If you get lucky, make sure to keep a record of it, because you’re going to need it.īecause you’re betting online, there will always be a record - very much like a “paper trail” of your betting activities and your winnings. Yes, assuming you’re lucky and you collect winnings from your sports betting activity, these winnings are subject to New York state tax and federal tax. Here is the answer to the question everybody is wondering about: Do you need to file your winnings in your tax return? We totally understand however, as it is something we all need to do, we’re giving you the lowdown on sports betting winnings taxes in New York.

You just don’t want to think about taxes after you’ve won a carefully-construed sports bet at one of your favorite NY sportsbooks.

Reporting nj gambling on tax return