The wide reach of taxes: U.S. Supreme Court same-sex marriage case and March Madness basketball games
The last weekend of March means that the annual tax-filing deadline is just around the corner. But plenty of other tax-related things happened last week at my other tax blog.
Taxes, specifically estate taxes, play a key role in one of the two same-sex marriage cases heard last week by the U.S. Supreme Court.
Depending on what the nine justices decide, tax season soon could be very different for some individuals whose marriage is recognized by their states but not by Uncle Sam under the federal Defense of Marriage Act, or DOMA.
Taxes also came up in another area where they're not usually at play. And at play is the key phrase.
The NCAA men's basketball tournament is underway. And March Madness means gambling; it's the second most popular event on which bets are placed in Las Vegas.
But if your brackets hold -- just how did you know Florida Gulf Coast University would make it to the Sweet Sixteen? -- you could win a nice pot in your office pool. Just remember to give the Internal Revenue Service its cut.
Yep, all gambling winnings are taxable income.You can check out my new posts each Tuesday and Thursday at Bankrate Taxes Blog. And if you happen to miss them there, you can find a wrap-up here the following weekend.
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