If you took Villanova to win in your March Madness bracket, for the annual NCAA college basketball tournament, congratulations!  You're probably in line for some money now too!!

That's awesome!  Just remember you have to share those winnings with Uncle Sam.

Yep. You have to report your gambling winnings on the front page of your Form 1040 and that includes but is not limited to -- money or prizes from casinos, office pools, sweepstakes, bingo and yes; the lottery.

And while you do get to report your gambling losses on Schedule A -- Itemized Deductions, they are limited by your wins.

So watch our video to learn exactly what all that means. But here's a quick hint: if you won $5,000 during the year but lost $8,000, you can only report $5,000 in losses on your tax return this year. The remaining $3,000 can be carried forward to next year.

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Editors' Pick: Originally published on February 2, 2018. 

 
 
 

 

 

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