New York CNN —
If you won big on bets you made for the March Madness men’s and women’s NCAA tournaments, enjoy the money. Just know that some chunk of it may need to go to the IRS, and possibly your state, too.
And if you lost big, there’s a possible silver lining. Those losses may help lower your tax bill, but only if you normally itemize your deductions and also have a lot of other gambling winnings. More on that in a minute.
Tens of millions of Americans bet billions of dollars every year on
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