There are a few things that we know for sure about today’s Super Bowl game:
- This year, no Manning will win the Super Bowl (thank goodness).
- The two quarterbacks who are playing in the big game (Warner and Roethlisberger) have not been particularly stellar throughout the regular season. Trust me. They were my fantasy football quarterbacks this year.
- The Super Bowl will be televised in 230 countries in 34 languages.
- Beer commercials will be plentiful – but not as much as last year. PepsiCo. dethroned Anheuser-Busch/InBev this year to top all advertisers this year in paid Super Bowl ad spots.
- Defense, defense, defense. The key to the game will be whether the Steelers could do what the Eagles could not (insert sobs here) and stop the Cardinals’ run.
- A lot of people will bet on the big game. A lot. Last year, legal bets alone on the Super Bowl totaled nearly $100 million with billions more made offshore, online, and in office pools. This year, with illegal bets added into the mix, analysts predict that nearly $10 billion will be wagered on today’s game, an increase of about $2 billion.
Yep, betting on the big game is all the rage. Experts predict that nearly half of all American adults will make some sort of wager on the big game. Apparently, a poor economy might make you rethink that authentic NFL jersey but not discourage you from throwing a few bucks in a betting pool.
If you win, you’ll need to pay up to Uncle Sam, regardless of whether the winnings were from legal sources. Gambling winnings, legally gained or not, are fully taxable and must be reported on your tax return. Winnings include proceeds from lotteries, raffles, horse races, casinos, cash winnings as well as the fair market value of prizes such as trips and cars.
And if you lose? Well, all is not totally lost. You can deduct gambling losses if you itemize deductions on your tax return on Schedule A, though the amount of losses cannot be more than the amount of gambling income that you reported on your return.
Win or lose, it’s sure to be an exciting game. Who’d have figured a Steelers versus Cardinals finale? Even oddsmakers in Vegas have to be shaking their heads at this one.
Despite the crazy season, one of these unexpected teams will become the Super Bowl champions. So, what is the official line on the Super Bowl? The Steelers are the favorites to win by 6 points.
Go Steelers!
As to reporting gambling winnings – important if you get a 1099 as I found out last year – forgot to report $1,200 I won in Las Vegas – and I did honestly forget about it – and I did report other winnings which were quite a bit larger –
On that subject tho – I found out something in Las Vegas that I thought was interesting – I played in a poker tournament – not the WPT or anything like that but kinda sorta a large one – anyway I came in second (which really bothered me but I learned real quick that AK loses against pocket K’s most every time). When they paid us they paid us in chips. Then we took the chips to the cashiers cage and turned them in. No 1099. I reported my winnings on my tax return because it was pretty easy to remember as it kinda sorta made a difference to my income for the year (not like the $1,200) and also because I can’t afford to lose my license for tax fraud or whatever and further I don’t trust what someone else tells me about taxes and the reporting requirements or how I can get around them. But the concept at that casino of paying in chips rather than cash or a check I thought was rather interesting. Going to a tournament in Reno this year – unless I win a spot on the tornament cruise (sure I will) and maybe, just maybe, one day that really good looking lady on the WPT will be interviewing me. I don’t care if I win – I just want her to interview me.
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If you do gamble, always use one of the casino frequent flier (?) cards (sorry, don’t know the correct term), or some other way to document one’s losses. I had a sad case of a widow who gambled away a half million settlement from her husband’s wrongful death. Then she got hit with a huge tax bill based on a sizeable pile of 1099s for all her “wins.” Problem was we had no documentation of the losses incurred along the way, which more than ate up the small gains, other than to show a before and after picture of her finances. Ultimately she decided not even to try that: she “folded,” sold the family home, and relied on family to take care of her. Client blamed the gambling on a prescription. “Yeah right,” I thought, until I checked the FDA approved listing of side affects that disclosed “irresponsible behavior, including gambling” and something about indiscriminate sex. So not only should one keep track of gambling losses, also look after your parents when the Bingo Nights get out of control.
“This year, no Manning will win the Super Bowl”
Who said chicks don’t know anything about football?
Michael – You have to be careful with statements like that. 😉
I will never forget being teased by a group of grad school boys for watching college sports in a bar. We challenged them to a trivia contest and left them speechless. Some chicks know A LOT about football (although my strength used to be college hoops, not football).
Actually, you probably know a lot more than me. Ever since the 49ers fell apart a few years ago, my interest in pro football has diminished considerably. It was a great Super Bowl however.
It was one of the more exciting Super Bowls I’ve seen (and I’ve seen quite a few). I’m a Cleveland Browns fan (yes, we’re a deluded bunch), but I decided to root for Pittsburgh this season (except when they played the Browns) just to find out how it feels to root for a winner! For awhile there, I thought I jinxed them, but they came through in the end. Next year, who knows, maybe some terrible towels in the house?!
Oh Melody, trust me. I’m an Eagles fan. We want to know what it feels like to root for a winner, too. Fortunately, we have our brothers across the state to cheer for.