Did You Bet Money on the Super Bowl?
February 17, 2024
Did you bet money on the Super Bowl? If so, you aren’t alone. The American Gaming Association estimated that a record $23.1 billion would be wagered on Super Bowl 58. If you won, congratulations! Not to rain on your parade, but Uncle Sam generally wants his share. The rules apply even to “casual gamblers” who aren’t in the business of wagering, according to the IRS. Depending on how you made your bet, you might even receive a Form W-2G (Certain Gambling Winnings). All winnings must be reported on the tax return you normally file. The good news is, you have until next year to report this year’s winnings on your 2024 tax return. We can answer any questions when we prepare your tax return.
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