Not paying Taxes on NCAA Tournament Betting is a Gamble

After winning big with your college basketball tournament bracket, don’t go home a big loser by not claiming your winnings on your taxes. That’s right, even your winnings from gambling are taxed. You could face penalties or an IRS audit by not reporting your prizes, says Nate Rigney, senior tax research analyst at The Tax Institute at H&R Block. For more information, visit https://www.hrblock.com/tax-center/newsroom/income/other-income/not-paying-taxes-on-march-madness-prizes-is-a-gamble/.