TaxWatch: Will the IRS give me a tax break on my Super Bowl gambling losses?

by | Feb 11, 2023 | Stock Market

Super Bowl bettors need all the breaks they can get. Those who will be licking their wounds after the big game will undoubtedly ask, “Will the IRS give me a tax break on my Super Bowl gambling losses?” The IRS has an answer: Yes, but with caveats. Sunday is a showdown between the Kansas City Chiefs and the Philadelphia Eagles, but it’s also showing off legalized gambling’s increasing reach across the country.

Currently, 33 states and the District of Columbia allow at least some type of legal sports wagering, according to the American Gaming Association. People are projected to bet a record-breaking $1.1 billion soley via U.S. regulated sportsbooks — where people can watch and bet on major sporting events — during Super Bowl LVII, according to PlayUSA, a website covering the legalized gambling industry. That would sprint past the $950 million wagered last year, the site said. The American Gaming Association estimates more than 50 million Americans will place Super Bowl bets for a combined $16 billion. The organization’s tally is also counting informal bets and pools among friends. As more people get the chance to place a bet, they ought to know what the IRS says about legalized betting. Don’t expect the tax code to be a game changer for many returns, said Benjamin Bostic, principal at Boyer & Ritter in Camp Hill, Penn. Between all the rules and considerations on what deductions to take, it’s likely “you’re just going to pay tax on your winnings and not deduct your losses,” he said. First off, the IRS says “gambling winnings are fully taxa …

Article Attribution | Read More at Article Source

Share This