Tax filing season is here and for those betting on sports, that means you have to pay taxes too. Nathan Goldman, a Poole professor, says you’ll want to pay close attention when you file.
“Where things get tricky with North Carolinians is that we don’t have what’s called a miscellaneous itemized deduction, which is at the federal level, so the federal level, you can take the deductions only if you itemize your deductions,” said Goldman. “In North Carolina, we don’t even have that deduction so if you win $10,000 and if you lose $10,000, meaning your account is just $0 from where it started– at the federal level and in pretty much every other state you don’t pay any taxes. In North Carolina in this example, you would owe $450 in taxes in the year 2024.”
Read more from CBS 17.
This post was originally published in Poole Thought Leadership.
- Categories:
