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Super Bowl prop bets pay $60,000

February 7, 2012

Maybe it's time for those of us who dismiss those goofy Super Bowl prop bets to reassess our position.

Two wagers that many of us considered to be throw-away bets paid off big for Jona Rechnitz. 

Rechnitz's $1,000 bet on a safety being the first scoring play of the Super Bowl returned $50,000 when Tom Brady's intentional grounding in the end zone gave the New York Giants an early two-point lead.

Rechnitz's buddy Benjamin Lyons promptly posted a picture on Twitter of the 50-to-1 winning betting slip.

Winning safety betting slip
Rechnitz pocketed another 10 grand for a second bet that there would be a safety in the 2012 NFL championship game.

Even better for the New York Giants fan, his team won.

Some guys have all the luck.

Taxes owed, taxes reduced: Rechnitz told the celebrity website/TV show TMZ that he plans to give all the Super Bowl winnings to charity.

The donations won't absolve him of taxes due on his gambling proceeds. In fact, given the size of the winnings, MGM took out a chunk for Uncle Sam before giving Rechnitz his payout.

But by giving away the money, the lucky bettor will be able to deduct the gifts from his federal taxes.

I doubt that's why Rechnitz is doing it, but it's nice that his generosity will help him as well as the charities.

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TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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