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If you make $35,000 in 2023 and win $100,000 in the lottery, your marginal tax rate jumps two tax brackets from 12% to 24%. We won’t get into specific numbers as we are not tax advisors, but you ...
[4] The Tax Court held that the taxpayer's gambling was a business activity and allowed the deductions. In essence, the court held that Section 165(d) only applies when a taxpayer is at a loss instead of a net gain and “serves to prevent the [taxpayer] from using that loss to offset other income.”
All lottery winnings are subject to Federal taxation (automatically reported to the Internal Revenue Service if the win is at least $600); many smaller jurisdictions also levy taxes. The IRS requires a minimum withholding of 24% of the prize (minus the wager) of any gambling win in excess of $5,000.
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When completing your own tax return, you report your winnings on Form 1040, Schedule 1; you’ll report your losses on Schedule A. Professional gamblers can file a Schedule C for the self-employed.
In 2023, the state passed a new law that expanded the locations where sportsbooks can be opened and legalized online sports betting throughout the state, with operations to begin as soon as January 2024. The North Carolina Lottery Commission would issue up to 12 online sports wagering licenses.