When should you report sports bets to the IRS? In this episode of Ask the Hammer: Do I Need to Report My Sports Betting to the IRS? Jeffrey “the Buckinghammer” Levine from Buckingham Strategic Wealth is here to answer the question: When should you report sports bets to the IRS? In this episode, a reader asks the following question:

“I’m into sports betting, but I haven’t done so well. If I haven’t made any money, is there anything to report to the IRS?”

Not sure if you need to report sports betting losses? Jeffrey explains that unless the reader is a “professional gambler,” reporting losses to the IRS is not necessary. Levine lists a few more details about gambling and tax benefits in the full video.

Watch this episode to learn more about sports betting and taxes. Find more free episodes of Ask The Hammer at this link: https://www.finstream.tv/videos/ask-the-hammer/