New IRS rules governing income received via third party payment platforms like PayPal are worth a look from gamblers in the United States. You report gambling winnings as Other Income on the 1040. Those betting sites should be issuing you a tax form. The bad part is say you win 10k . To no avail I have been dealing with the IRS since that tax year because Paypal issued the1099k like I was receiving money for selling goods. Hello, I am LEV and I will help you with your question today. You have reached JustAnswer.
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