March 17, 2016
Tax Director Donald Zidik spoke with the Wall Street Journal about March Madness and the taxation of gambling winnings and losses.
By Laura Saunders
As March Madness gets under way, millions of people are grappling with critical questions: Can you trust Oregon? Which no. 5 seed will go down this year? Is a busted bracket tax-deductible?
The American Gaming Association estimates that more than 70 million Americans will wager $9.2 billion this year on the NCAA men's basketball tournament through office pools, Nevada sports books, illicit offshore sites and bookies, compared with $9 billion last year.
"The burden of proving losses falls on the taxpayer, while gambling winnings are often reported to the IRS," says Donald Zidik, a CPA with the accounting firm Marcum LLP in Needham, Mass.
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