Tax Implications of Sports Betting for North Carolinians

Tax implications of sports betting for North Carolinians presented by the North Carolina Low Income Taxpayer Clinic at Charlotte Center for Legal Advocacy.

This presentation is for informational purposes only and is not meant to provide legal or tax advice.
0:55 – Background on online sports betting in North Carolina
1:33 – Frequently asked questions about sports gambling that will be covered in presentation
2:32 – Are you a casual or a professional gambling? Why does this distinction matter?
3:41 – Federal Tax Implications: Winnings
5:00 – How do you know what winnings to report? What if the sportsbook or casino doesn’t provide documents?
6:40 – Federal tax implications: losses
8:00 – Federal tax Implications: Non-U.S. Citizens
9:31 – North Carolina tax implications
10:45 – Recordkeeping
11:55 – The impact of gambling winnings on public and social services benefits
13:10 – Key items to remember

Helpful resources:
• IRS Interactive Tax Assistant – How do I claim my gambling winnings and/or losses? This online interactive questionnaire will help you determine how to claim your wins and losses. https://www.irs.gov/help/ita/how-do-i...

• IRS Interactive Tax Assistant – As a nonresident alien, are my gambling winnings exempt from federal income tax? This online interactive questionnaire will help you determine if your winnings are tax exempt and if you’re eligible to claim of refund of withholdings.
https://www.irs.gov/help/ita/as-a-non...

IRS Publication 519, U.S. Tax Guide for Aliens - https://www.irs.gov/forms-pubs/about-...

IRS website – https://www.irs.gov

Taxpayer Advocate Service website – https://taxpayeradvocate.irs.gov

NCDOR website – https://www.ncdor.gov

Contact information for the North Carolina Low Income Taxpayer Clinic at Charlotte Center for Legal Advocacy:
NCTaxClinic.org
980-353-3530
https://charlottelegaladvocacy.org/
what-we-do/tax-disputes/