Super Bowl predictions
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@mark bait...Gonna report your winnings on your 2024 IRS return, right?
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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I predict that the gambling brokers will make more money than they pay out this weekend.
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@George-K said in Super Bowl predictions:
@mark bait...Gonna report your winnings on your 2024 IRS return, right?
Why? I assume he already paid tax on the $5 he placed on the bet. Any winnings on games of chance should be tax free.
@Renauda said in Super Bowl predictions:
@George-K said in Super Bowl predictions:
@mark bait...Gonna report your winnings on your 2024 IRS return, right?
Why? I assume he already paid tax on the $5 he placed on the bet. Any winnings on games of chance should be tax free.
The Brad
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@Renauda said in Super Bowl predictions:
@George-K said in Super Bowl predictions:
@mark bait...Gonna report your winnings on your 2024 IRS return, right?
Why? I assume he already paid tax on the $5 he placed on the bet. Any winnings on games of chance should be tax free.
Interesting. Doesn’t work that way here. Winnings from any game of chance is considered an unexpected windfall and therefore non taxable. Likewise with inheritances and gifts of money. So principal cash winnings themselves are tax free however the capital gains on the investment of any winnings (or windfalls) are taxed accordingly. So I could win $100 million in the lottery which would be tax free. Any interest earned on that $100 million would be taxable as a capital gain.
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I predict that I will not watch it but will feign interest on Monday at work during the lunchtime walk while silently screaming inside.
