Super Bowl bets mean IRS losses

February 1, 2008

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Are you planning to drop a few dollars in the office Super Bowl pool before you leave work today? Good luck!

Not only do I hope you win big, so does the IRS.

You do know that all gambling winnings are taxable, right? And you’re definitely going to make sure you give Uncle Sam his cut, right?

OK, you can quit laughing now. Who really ever reports the $50 they made in an office sports pool?

The bigger problem for the tax collector is those much larger bets, many illegal, that no one wants to talk about about, much less report. This story I wrote for Bankrate discusses the many connections of taxes and gambling.

Prop bets: One thing that’s led to the growth of sports gambling is the wide variety of options you have when betting. It’s not just whether the Patriots or Giants will win.

It’s who will catch the first pass? Who scores the first touchdown? Who fumbles first? Will Texas Tech alum Wes Welker score a touchdown? (I say yes!). The over/under on total pass attempts.

The mind boggles.

"Gaming Guru" Gary Trask ponder the choices here. And this online site lists hundreds of prop bets, with a tag line urging us to "Check back soon; these lines update often."

And it’s a sure bet that millions of us will be checking right up until kickoff.

Hey, everyone appreciates a little edge even when it’s just a friendly wager!

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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Tax Season 2026 Continues!

We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 26, millions who were expecting refunds filed immediately. Most of us got our returns to the Internal Revenue Service by April 15. But plenty of taxpayers also got extensions. They are looking at an Oct. 15 filing deadline.

Those procrastinating filers aren’t a problem. In fact, the IRS appreciates taxpayers who take time to fill out their 1040 forms correctly. It also is grateful that tax submissions are spread out a bit, especially now that the IRS is a leaner agency. Processing returns is easier when they arrive throughout the year instead of in massive bunches.

But enough about Uncle Sam’s tax collection issues. The focus now is on all y’all who filed for extensions, giving you another six months to complete your return. Since your new mid-October due date will be here before you know it, let’s get started now on meeting it.

The ol’ blog is here to help you finish up your extended Form 1040. You can start with January’s tax tips page, which has links to the rest of the year’s tips by-month collections. You also can peruse various tax categories for more tailored advice by clicking on the More Tax Posts drop-down menu at the top of this (and every) page.

And to make sure you don’t miss your new filing deadline, the count-down clock below will let you know just how much time you to file by Oct. 15. At the latest.e. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Comments
  • Kay, great article! It is easy to recognize your knowledge in the field.
    With all the implications that come along with sports betting, there is one place I’ve found that strives on providing a platform for all bettors to maximize their confidence before laying down their bet.
    http://www.pregame.com
    This way they can have all the information they need at their disposal before making that financial commitment.
    JW Stringer

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