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BEARS, IRS LOSE
February 05, 2007
The Bears weren't the only losers yesterday. But Rex Grossman's Bears had a better shot at winning than the IRS has of collecting tax on all of the gamblers who bet on the Colts to cover the spread.
But as much money is lost as won, you say? Ah, but the tax law doesn't work that way. Gambling winnings have to be included in income, but gambling losses are an itemized deduction, which means they are only available to itemizers. What's more, they are only available to the extent of gambling winnings. So if the Super Bowl bets were the only bets in the whole world, the winners would be taxed and the losers would have no winnings to offset. Sure, the world doesn't work that way, but you can see how problems arise.
Don't Mess With Taxes has more.
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