New York CNN —If you won big on bets you made for the March Madness men’s and women’s NCAA tournaments, enjoy the money. So if you made bets last year, here’s what you need to do on your 2023 tax return, which is due for most people on April 15. Your winnings also may be subject to state tax, unless you live in the dozen or so states that exempt gambling winnings. It will then be up to you on your tax return to square whether you owe more or less on your winnings. So say you won $1,000 in 2023 at the tables in Vegas, but you lost $1,500 betting on last year’s March Madness tournament.

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Persons: ”, Mark Luscombe, Luscombe, ” Luscombe, Daniel Rahill Organizations: New, New York CNN, NCAA, American Gaming Association, IRS, Wolters Kluwer, Accounting, Wintrust Wealth Management, Illinois CPA Society Locations: New York, Vegas