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The total estimate for money to be bet on this year's Super Bowl a few years ago came to more than $8 billion. It was also extmtd that no more than perhaps 1 percent would be wagered legally in Nevada while the rest would be the result of illegal betting in such things as online sites, office pools, and informal bets. These can only be described as being truly staggering numbers that most surely make the tax people drool when they think about all of that possible tax revenue being lost to them.
Super Bowl Sunday is a special day for gambling when bets are placed on practically anything that is to do with the game and even and seeming trivial things. Placing your bet online is said to be as popular as ever. And this is without heed to the gambling venue, where bettors are figuratively required to report winnings on income-tax returns. No one really knows how seriously people take this responsibility.
The Phoenix district manager for H&R Block, Sue Taylor, mentions a recent H&R Block survey showing that one-third of those who responded to the survey report that they didn't realize their gambling winnings were taxable.
CCH senior federal-tax analyst John W. Roth, says that if you were to win an informal office pool, you are technically supposed to report it. He adds that he thinks that the Internal Revenue Service is more concerned about betting over the Internet, which he says, is easier to track through credit cards.
You may deduct gambling losses, but only by the amount that you use them to reduce winnings. This means that you can't deduct net losses. He adds that if you decide to deduct gambling losses, the IRS requires an accurate accounting of all of your wagering activities.
The more involved gamblers do keep track. You can get tracking cards from a lot of casinos on request.
The IRS considers it all income whether it is from working, investments, gambling online or otherwise.
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