Super Bowl Gambling Taxes

Oh Drake.  Fate may have been on your side, but neither Philly fans nor the IRS will be. I’m Amy E. Feldman.

Canadian rapper Drake tweeted that he bet nearly a million dollars on Kansas City to win the Super Bowl, a bet even he called insane. Yeah. Tragically for Eagles fans, he won what will amount to around three million dollars.

Philly fans are obviously heartbroken over the betrayal (and the results) but for once, the IRS will be the hero to Philly fans, although it’s not great news for those who won their own pools. Gambling winnings are fully taxable and you must report the income on your tax return. The good news for those experiencing heartbreak is that gambling losses can also be deducted but only against gambling winnings if you itemize your deductions. As for Drake, while the City of Brotherly Love won’t soon be calling him on his cell phone, he can expect a call from Uncle Sam if he doesn’t pay his taxes on his ill-gotten gains.

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