My buddy Ron snatched a whopping $1500, Christy at work---$750 and me, 10 bucks. Did you know you're supposed to report all your gambling winnings to the IRS? Yeah, I'm sure you do, but most don't.

In a report posted on yahoo.com, Bankrate.com says:

In these cases, any winnings should be reported to the IRS as "other" income. Recreational gamblers also can reduce the amount of their taxable winnings by itemizing their expenses and counting gambling losses as a deduction in the "other miscellaneous deductions" category of Schedule A.

The big game is the most gambled-on sporting event in the United States. IRS officials estimate that more than $100 million is bet on the game in many different forms, like those squares you bought.

But unless your a profession gambler who makes a living off your winnings, or if you win extremely large amounts of money, I wouldn't worry too much about reporting this year's super bowl square winning bonanza.

[yahoo.com]

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