Super Bowl Winnings And Taxes

Congratulations to the Green Bay Packers 2010 NFL champions. If you watched the game you were treated to a great contest between two tough competitors. The Super Bowl is one of the most highly bet sporting events in the world. Recreational gamblers should be feeling good if they took Green Bay to cover the spread.

One important thing to remember is that all gambling winnings are considered taxable income to the IRS. There are different rules for declaring gambling winnings depending on how much you win. For example, if you win a jackpot for $1,200 dollars or more at a casino, the payer is required to report that income to the IRS. If you win $50 on a lottery scratch ticket, the payer is not required to report such a small amount.

Any questions involving gambling winnings (or losses) in regard to taxes should be answered by a tax professional. In most cases you are allowed to claim your gambling losses up to the amount of winnings on your tax return.

It is good practice for even the most sporadic gambler to keep a log of specific gambling that they might do throughout the year. The IRS does not require that the taxpayer send in evidence of gambling losses, however if there was any future questions regarding your claims, keeping a detailed gambling log could help keep things from getting messy in the future.

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