I need some advice/help. I placed bets on underdog fantasy for the nfl. My total winnings if I somehow win all of them, will be $589. I am claimed by my parents, I am 18, live in California and I am going to college. So would we need to report anything?
I can clarify any questions. Thank you for helping.
Posted by Demi_69420
2 Comments
If you actually win, it’s considered taxable income, even as a dependent. $589 isn’t a huge amount, but you should keep records of your bets and winnings. You’d report it on your taxes, but it probably won’t make a big difference.
If.you have no other income probably not but just to explain you can be taken as a dependent on a parents return while also filing your own tax return.
You would be asked if someone can and did claim you and your return would show that.