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Am I required to pay taxes on my sports betting winnings? It is best practice to keep records of all your sports betting activity. You may need to provide documentation of your losses if your tax return is audited. How do I report my sports betting winnings and losses on my tax return? The sports betting winnings are taxed like other ordinary income, so it is important to tell your tax professional about both your winnings and losses. A tax professional can assist you with determining if you qualify as a professional gambler and can explain how taxes work for your winnings and losses. What happens if I forget to report my sports betting winnings on my taxes? For legal advice, please ask a lawyer.

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