Lottery winnings are considered ordinary taxable income for both federal and state tax purposes. That means your winnings are taxed the same as your wages or salary, and you must report the entire amount you receive each year on your tax return. For example, let’s say you elected to receiv...
How are prediction market winnings taxed? Prediction markets are a relatively new financial technology, and their tax treatment may evolve in the years ahead. For now, many prediction markets, such as PredictIt and Kalshi, send their users annual 1099-MISC forms that list their net profits fo...
In the next states online gambling activities are allowed to some extent: Colorado – online sports betting; Delaware – online casino and poker; Montana – just online sports betting; Nevada –online poker and betting; Oregon – only online sports betting; Pennsylvania – online casino, gambling...