All winnings that come from gambling activity are taxable in the State of New York. It works the same with wagers placed at sportsbooks and casinos - land-based and online - as well as the New York State Lottery. Additionally, some operators may withhold taxes on winnings.
If you get lucky, make sure to keep a record of it, because you’re going to need it.īecause you’re betting online, there will always be a record - very much like a “paper trail” of your betting activities and your winnings. Yes, assuming you’re lucky and you collect winnings from your sports betting activity, these winnings are subject to New York state tax and federal tax. Here is the answer to the question everybody is wondering about: Do you need to file your winnings in your tax return? We totally understand however, as it is something we all need to do, we’re giving you the lowdown on sports betting winnings taxes in New York. You just don’t want to think about taxes after you’ve won a carefully-construed sports bet at one of your favorite NY sportsbooks.
