Did you win any money from your Super Bowl pool? <\/p>\n
Awesome -- Now make sure you report it on your 2017 tax return. <\/p>\n
Yep. Gambling winnings of any kind are taxable income and Uncle Sam wants his cut and that includes winnings from the Super Bowl, a Fantasy Leagues, Vegas -- even the local Lotto, make sure you tally it up. <\/p>\n
Report it as \"Other Income\" on line 21 of your Form 1040 . <\/p>\n
The problem is -- You only can deduct your losses to the extent of your winnings. <\/p>\n
So if you won $1,000 last year but lost $1,500, you can only report $1,000 in losses so the other $500 is, well, lost. <\/p>\n
Your losses are reported on Schedule A - Itemized Deductions. So if you are a high earner, and might not get to deduct the full amount of your gambling losses. <\/p>\n
Look for Form W2-G in the mail - it'll report your winnings and come from casinos and organized gambling institutions. <\/p>\n
Granted it's not going to be coming from the guy who ran your office pool, but still know your winnings are taxable income. <\/p>\n
And I know what you're saying, \"But how will Uncle Sam know? <\/p>\n
You'll get audited - or how bout this - the IRS has a whistleblower program and offers rewards -- you have a pissed off neighbor he just might rat you out... it happens. <\/p>\n
So hopefully you saved everything - or can use bank statements to recreate lyear'sears wins and losses. <\/p>\n
Report everything! <\/p>\n
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Here is the original post:<\/p>\n
Deducting Gambling Losses on Your Taxes - TheStreet.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Did you win any money from your Super Bowl pool? Awesome -- Now make sure you report it on your 2017 tax return. Continue reading