Sports Betting

betting-kentucky-derby-tax-law

Betting on the Kentucky Derby, Tax Law, and You

(*Citrin Cooperman is a proud partner of Front Office Sports) In 2018, $149.9 million was bet on the Kentucky Derby. Churchill Downs officials expect that number to increase even more at the 145th running of the race on Saturday. While it’s easy to forget, betters who win big this weekend don’t just get that money with no strings attached. In the U.S., gambling winnings are taxable as ordinary income irrespective of how much a person wins. Gambling winnings are legally […]

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