Quirk in NC tax law could have you paying more on sports gambling wins – WWAYTV3

RALEIGH, N.C. (WTVD) — The Carolina Hurricanes begin their second-round NHL playoff series against the New York Rangers on Sunday, and many fans may be looking to back the team — with a bet or two.

But a new report from NC State highlights why you may have to pay a bit more if you win.

The sports betting bonanza in North Carolina is off and running and people have been taking advantage of those promotions and bonus offers to place their wagers.

The launch coincided with the ACC Tournament and now the focus is the Stanley Cup playoffs.

In March alone, North Carolinians wagered $659 million and $590 million was paid out in winnings.

For those who itemize deductions, at the federal level, they can deduct losses against gains. That is not the case, however, in North Carolina – where you would owe state taxes on all winnings regardless of how much you lose.

That discovery was made by two NC State accounting professors who issued a report looking into the state’s tax code.

Read more here.