Tax Tip Tuesday: Super Bowl LX, Big Bets and Important Tax Rules
- crabtree297
- 2 minutes ago
- 2 min read
Football fans are gearing up for one of the most anticipated games of the year — Super Bowl LX, scheduled for February 8, 2026, between the New England Patriots and the Seattle Seahawks. Whether you are tuning in for the football, the commercials, the food, or bragging rights, the day offers something for everyone.
If you are thinking about placing a bet, the Super Bowl is consistently one of the biggest and most bet‑on days in the sports calendar. Last year, Americans wagered more than $10 billion on the game—and this year promises to be just as wild. Legal betting is up nearly 30 percent, approaching $2 billion, with even more wagered through office squares, friendly bets with your in-laws, and ultra-specific prop bets like the coin toss or the color of the Gatorade dumped on the winning coach.
Tax Rules for Your Super Bowl LX Winnings & Losses
All this excitement comes with a catch. Your winnings and losses carry tax implications you will want to understand before the final whistle blows.
Gambling winnings are taxable. All winnings — including cash, online bets, and non‑cash prizes — must be reported on Schedule 1 (Form 1040), Line 8b at their fair market value.
Gambling losses are deductible only if you itemize on Schedule A and only up to the amount of your reported winnings.
Starting in 2026, under the One Big Beautiful Bill Act (OBBBA), only 90 percent of qualified gambling losses are deductible, even if they equal or exceed your winnings. This can create taxable income even when you “broke even.”
Professional gamblers who meet IRS criteria report gambling income and losses on Schedule C and may deduct ordinary and necessary business expenses. Most casual bettors do not qualify as professionals.
So, while you cheer for the Patriots, the Seahawks, or just the commercials, remember the tax playbook. Winning feels great, but it is still taxable income the IRS expects you to report. Play smart and have fun!
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