Press Release for Wager Web – The NFL is back, and you know what that means: the sportsbooks are going to be overflowing with matchups on the gridiron. But what a lot of gamblers don’t think of is what it will mean in terms of taxes, and there are a few things you need to know before you start racking up the winnings, either at an online sportsbook or offline.

First, you should realize that you have to let the IRS know if you have won any money, as that is taxable. There is a line on your tax report called “other income”, located on line 21; these earnings would go there. On the other hand, if you lose money gambling on football, it is indeed deductible, but it would have to exceed a maximum of $12,200 for married people. If you have lost more than $12,200 gambling on football, you may have bigger problems on your hands.

Then there is the issue of reporting money you may have received by illegal methods to the IRS, for example, placing bets to the local bookie instead of online. The IRS still wants you to report the income (or losses), and you have to do things like keep track of names, locations and details of the transaction, which may not go over well with said bookie. However, that’s not so bad when it comes to online betting as your account will have all of that.

There are other details that you must know when it comes to taxation and gambling, and your best bet would probably be to visit a tax specialist who can walk you through all the applicable situations. It is a very sticky situation, especially given what the United States government thinks about online/offline gambling, so make sure you know the rules before you make your weekly wagers.