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You won your March Madness office pool! Congratulations! now pay your taxes

Source: usatoday.com - Mar 17, 2017

March Madness is one of the biggest gambling events of the year: Americans bet $9.2 billion last year on the tournament through office pools, offshore sites and bookmakers, according to the American Gaming Association. But few people realize that if they get lucky, the IRS gets lucky too. That’s because many kinds of financial windfalls may be taxable.

Here’s a head-to-head look at how lucky winners — of the office brackets pool, but also winners of others sorts — can make tax season a slam dunk, according to the pros.

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Category: General Business